NEW YORK–(COMMERCIAL THREAD) – Archer Aviation Inc. today announced the closing of its business combination with Atlas Crest Investment Corp. (NYSE: ACIC) (“Atlas Crest”), a specialty acquisition company. Upon completion of the transaction, Atlas Crest changed its name to “Archer Aviation Inc.” Archer’s common shares and warrants will begin trading on the New York Stock Exchange (“NYSE”) 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 delighted to move forward with additional capital as we pursue our goal of bring our vision of the urban air mobility network to life. . Michael Spellacy, CEO of Atlas Crest, added: “We are delighted to have taken this important step in completing our transaction with Archer. With the proceeds of this transaction, Archer is entering public markets from a position financial and competitive strength to accomplish its mission to revolutionize the future of urban transport.
The business combination generated approximately $ 857.6 million in gross revenue, including $ 600 million in PIPE revenue, which will help fund Archer’s vision to commercialize an electric vertical take-off and landing (eVTOL) vehicle. and launch an urban air mobility network.
Moelis & Company LLC served as the exclusive placement agent on PIPE. Barclays Capital Inc. acted as exclusive advisor on the financial and capital markets of Archer. Moelis & Company LLC has been the exclusive financial advisor to Atlas Crest. Cantor Fitzgerald & Co. served as the exclusive capital markets advisor to Atlas Crest. Duff & Phelps, LLC has provided a fairness opinion in connection with the transaction to the board of directors of Atlas Crest. Cooley LLP served as legal counsel to Archer. Kirkland & Ellis LLP served as legal counsel to Atlas Crest.
Archer’s mission is to advance the benefits of sustainable air mobility. Archer’s goal is to move people to cities around the world in a fast, safe, sustainable and cost-effective manner. Archer designs and develops electric vertical take-off and landing (eVTOL) aircraft for use in urban air mobility. Archer’s team is based in Palo Alto, California. To learn more, visit www.archer.com.
About Atlas Crest
Atlas Crest Investment Corp. (NYSE: ACIC) is a special purpose acquisition company incorporated for the purpose of effecting a merger, share purchase or similar business combination with one or more companies and is sponsored by a subsidiary of Moelis & Company, a leading global financial advisor to business executives, boards of directors, entrepreneurs, financial sponsors and governments. The leadership team is led by Ken Moelis, President, and Michael Spellacy, President and CEO, both of whom have had careers focused on identifying, evaluating and implementing organic transformational growth initiatives. and inorganic and creating value across a wide range of industries. Atlas Crest has priced its initial public offering of $ 500 million on October 27, 2020.
This press release contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical fact contained in this press release, including statements regarding Archer’s future operating results and financial condition, business strategy and plans, management objectives for future operations are forward-looking statements. These statements are based on Archer’s current expectations, assumptions, estimates and projections. These statements involve known and unknown risks, uncertainties and other material factors that may cause Archer’s actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by the companies. forward-looking statements. Forward-looking statements are based on management’s current expectations and assumptions regarding Archer’s business, the economy and other future conditions.
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Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on such forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible for Archer to predict these events or how they may affect Archer. If a change in events and circumstances reflected in Archer’s forward-looking statements occurs, Archer’s business, financial condition and results of operations may differ materially from those expressed in Archer’s forward-looking statements. If a change in events and circumstances reflected in Archer’s forward-looking statements occurs, Archer’s business, financial condition and results of operations may differ materially from those expressed in Archer’s forward-looking statements. Except as required by applicable law, Archer does not intend to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events or otherwise.