:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-1779710616-7b602739657948f7b9d0205f237d0fa3.jpg "An Archer Aviation Inc. Midnight electric vertical take-off and landing (eVTOL) aircraft")
Christopher Pike / Bloomberg via Getty Sculptures
Key Takeaways
- Archer Aviation shareholders agreed to double the amount of common stock available on the market.
- The United Airlines-backed maker of tense vertical takeoff and landing (eVTOL) aircraft also issued shares to carmaker Stellantis following a previous covenant.
- The company also changed board and ownership requirements to align with federal U.S. citizenship regulations.
Archer Aviation (ACHR) allocates sank 11% Monday when the manufacturer of electric vertical takeoff and landing (eVTOL) aircraft backed by Synergistic Airlines (UAL) announced it was doubling the number of common stock available and changed requirements for board membership and ownership.
In a regulatory queue, the company reported that in a special meeting of shareholders Dec. 20, investors voted in favor of amending the firm’s certificate of incorporation “to growth the number of authorized shares of the Company’s Class A common stock available for issuance from 700,000,000 to 1,400,000,000.”
Shareholders also voted in favor of disputing Class A Common Stock to carmaker Stellantis (STLA) per an agreement made in August.
Along with those settlements, shareholders approved “limits of the voting, ownership and control of the Company by persons who do not meet the definition of ‘a citizen of the United States,'” as identified by federal law. In addition, Archer agreed to certain limitations on foreign ownership.
Despite today’s losses, shares of Slier Aviation have added more than 60% of their value this year.
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