NEW YORK–(BUSINESS WIRE)–Archer Aviation Inc. announced today that it has closed its business combination with Atlas Crest Investment Corp. (NYSE: ACIC), a special purpose acquisition company. Upon the completion of the transaction, Atlas Crest changed its name to “Archer Aviation Inc.” Archer’s common stock and warrants will commence trading on the New York Stock Exchange on September 17, 2021, under the ticker symbols “ACHR” and “ACHR WS”, respectively.
Brett Adcock, Co-Founder and Co-CEO of Archer, said, “Today marks a great moment for the Archer team and we are excited to push forward with additional capital as we pursue our goal of bringing our urban air mobility network vision to life.” Michael Spellacy, CEO of Atlas Crest, added, “We are pleased to have reached this important milestone in closing our transaction with Archer. With the proceeds from this transaction, Archer is entering the public markets from a position of financial and competitive strength to accomplish their mission of revolutionizing the future of urban transportation.”
The Business Combination generated approximately $857.6 million of gross proceeds, including $600 million of proceeds from the PIPE which will help fund Archer’s vision of bringing an electric vertical takeoff and landing vehicle (eVTOL) to market and launching an urban air mobility network.
Advisors
Moelis & Company LLC served as exclusive placement agent on the PIPE. Barclays Capital Inc. served as exclusive financial and capital markets advisor to Archer. Moelis & Company LLC served as exclusive financial advisor to Atlas Crest. Cantor Fitzgerald & Co. served as exclusive capital markets advisor to Atlas Crest. Duff & Phelps, LLC provided a fairness opinion in connection with the transaction to the Atlas Crest board of directors. Cooley LLP served as legal advisor to Archer. Kirkland & Ellis LLP served as legal advisor to Atlas Crest.
About Archer
Archer’s mission is to advance the benefits of sustainable air mobility. Archer’s goal is to move people throughout the world’s cities in a quick, safe, sustainable, and cost-effective manner. Archer is designing and developing electric vertical takeoff and landing (eVTOL) aircraft for use in urban air mobility. Archer’s team is based in Palo Alto, CA. To learn more, visit www.archer.com.
About Atlas Crest
Atlas Crest Investment Corp. (NYSE: ACIC) is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more businesses and is sponsored by an affiliate of Moelis & Company, a leading global financial advisor to corporate executives, boards, entrepreneurs, financial sponsors and governments. The management team is led by Ken Moelis, Chairman, and Michael Spellacy, Chief Executive Officer, both of whom have had careers centered around identifying, evaluating and implementing organic and inorganic transformational growth and value creation initiatives across a broad range of industries. Atlas Crest priced its $500 million initial public offering on October 27, 2020.
