Archer Aviation Shares Rise 9% After $55 Million Investment From Stellantis
By Chris Wack
Archer Aviation shares rose after the company said it has received an additional $55 million investment from Stellantis under the companies' strategic funding agreement following the achievement of its transition flight test milestone last month.
Shares were up 9% to $3.76 in recent trading. The stock is down 40% this year.
Stellantis also made a series of open market purchases of 8.3 million shares of Archer's stock in March.
During 2023, Stellantis invested $110 million in Archer through a combination of open market stock purchases and investments under the companies' strategic funding agreement.
Archer, which makes electric vertical takeoff and landing aircraft, said it remains on track to complete construction of its high-volume manufacturing facility in Georgia later this year. This first phase of the build out is designed to support production of up to 650 aircraft annually.
Stellantis has been a strategic partner to Archer since 2020 through various collaboration initiatives, and an investor since 2021.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 02, 2024 10:41 ET (14:41 GMT)
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