Archer Aviation Inc. has entered into subscription agreements with certain accredited investors, agreeing to sell 63,909,776 shares of its Class A common stock at $6.65 per share, in a private placement aiming to close on December 13, 2024, subject to customary closing conditions. In addition, Archer and Stellantis N.V. have agreed to a private placement of 751,879 shares at the same price per share, with closing contingent on stockholder approval expected at the 2025 Annual Meeting. The estimated gross proceeds from these transactions are approximately $430 million, which will be used for the joint development of a defense aircraft with Anduril Industries Inc. and other general corporate purposes.
Lock-up agreements prevent the company’s executive officers and directors from selling their shares for 60 days post-subscription agreement effectiveness and 30 days post-Registration Statement effectiveness. Separate Registration Rights Agreements were made for the resale registration of the private placement shares with further stipulated terms on filing and effectiveness of the related registration statements. These financial activities have not been registered under the Securities Act, relying on specific exemptions for accredited investors and are not intended for a public offering.
Furthermore, Archer Aviation Inc. announced a strategic partnership with Anduril to jointly develop a next-generation vertical take-off and landing (VTOL) aircraft for military applications with an exclusive collaboration extending through May 2026.
Proper Names Mentioned: - Archer Aviation Inc. - Stellantis N.V. - Anduril Industries Inc.