Archer, a leading Urban Air Mobility (UAM) company, is to list on NYSE via a business combination with Atlas Crest Investment Corp. (NYSE: ACIC), a special purpose acquisition company (SPAC). It is anticipated that the post-closing company, Archer, will be listed on the NYSE with ticker symbol “ACHR.”
The transaction values the combined company at an implied $3.8 billion pro forma equity value.
In addition, United Airlines has announced that it has entered into an agreement to invest in Archer as part of the airline’s broader effort to partner with leading technology companies that will decarbonize air travel. Under the terms of the agreement, United has placed an order, subject to United’s business and operating requirements, for $1 billion of Archer’s aircraft, with an option for an additional $500 million of orders.
Archer’s full scale eVTOL aircraft is expected to be unveiled in 2021.
Brett Adcock, Archer’s co-founder and co-CEO, says: “We’re thrilled to partner with Atlas Crest to help accelerate our goals of ushering in the next age of sustainable air mobility and enable human micro-exploration. By merging efforts with an industry innovator like Atlas Crest and one of the most successful entrepreneurs in finance, Ken Moelis, we’re confident Archer will transform consumer travel and everyday life.”
Archer co-founder and co-CEO, Adam Goldstein, adds: “Through our all-electric aircraft, we are striving to curb carbon emissions, decrease traffic, and create the transportation networks of the future. What started with a handshake deal from our lead investor and advisor Marc Lore, Archer’s latest funding and acquisition news brings this vision to life in a big way, enabling us to accelerate the future of sustainable travel at scale.”
United CEO Scott Kirby, comments: “Archer’s eVTOL design, manufacturing model and engineering expertise has the clear potential to change how people commute within major metropolitan cities all over the world.”
In January 2021, California-based Archer announced it had entered into a strategic collaboration agreement with Stellantis, with a focus on accessing its low-cost supply chain, advanced composite material capabilities, and engineering and design experience.