Archer announced February 10 a merger agreement with special purpose acquisition company Atlas Crest Investment Corp., that will take the urban air mobility company public, as it was informed by Archer.
The deal, which has an equity value of the deal is $3.8 billion, is expected to close in the second quarter of 2021, will provide about $1.1 billion in gross proceeds to the combined company.
Separately, United Airlines Holdings Inc. February 10 completed an agreement to work with Archer as part of the airline's effort to invest in technologies that decarbonize air travel.
Once the aircrafts are in operation and have met United's operating and business requirements, United, together with Mesa Airlines, would acquire a fleet of up to 200 of these electric aircraft for $1 billion, with an option for an additional $500 million order.
Archer plans to unveil its full scale eVTOL aircraft in 2021, begin aircraft production in 2023, and launch consumer flights in 2024.
United Airlines Holdings, Inc. is a parent of United Airline. The common stocks are traded on the Nasdaq.
Archer is creating the world's first electric airline that moves people throughout the world's cities in a quick, safe, sustainable, and cost-effective manner. As the world's only vertically integrated airline company, Archer's business includes the design, manufacture, and operation of a fully electric vertical takeoff and landing aircraft. Archer's team is based in Palo Alto
