ACHR - Why Archer Aviation Stock Is Flying High Today
2023-06-28 14:07:47 ET
Shares of San Jose-based flying taxi company Archer Aviation (NYSE: ACHR) took off Wednesday morning, rising 14% through 1:15 p.m. ET -- and they're not looking back. It's no great mystery why.
This morning, in an SC 13D/A filing with the Securities and Exchange Commission (SEC), Archer revealed that automobile company Stellantis (NYSE: STLA) , maker of Dodge Ram trucks and Jeep SUVs, has taken a 10.6% stake in the maker and operator of electric vertical take-off and landing (eVTOL) aircraft.
According to the filing, Stellantis paid $25 million to acquire 6.3 million shares of Archer Aviation stock at an average price of $3.94 per share. Far from selling its shares at a loss in order to grab cash, therefore, it appears Archer was able to convince Stellantis to pay a premium -- last night, Archer shares closed at just $3.39 per share.
For further details see:
Why Archer Aviation Stock Is Flying High Today