Shares of Atlas Crest Investment (NYSE:ACIC) were up more than 27% as of 11:43 a.m. EST Wednesday after the special purpose acquisition company (SPAC) announced a merger partner. It will combine with Archer, an electric plane start-up that is also getting backing from some high-profile potential partners.
Prior to markets opening Wednesday, Archer and Atlas Crest announced their plans to combine and thus take Archer public. The overall deal is expected to provide $1.1 billion in gross proceeds to the post-merger company, including a fully committed $600 million private placement from investors including United Airlines Holdings (NASDAQ:UAL) and Stellantis (NYSE:STLA).
Archer is developing an electric vertical takeoff and landing (VTOL) plane that it says will be capable of flying up to four passengers up to 60 miles at speeds of up to 150 mph. United also placed an order for 200 of those aircraft in a deal valued at about $1 billion, with an option for an additional 100. Read more…..
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