Archer Aviation drops about 15% on $850 million share sale

Aviation archerThe shares dropped approximately 15% on Friday after the air taxi manufacturer said it Sold $ 850 million action value.

The Electric Vertical Takeoff and Landing Vehicle, or Evtol, said Thursday that it planned to use funding to support new infrastructure and the deployment of an aviation software based on artificial intelligence. Money will also support its launch publishing program, including an official partnership to provide air taxi services during the 2028 Olympic Games in Los Angeles.

Archer said that the financing cycle included the sale of $ 105 million each and gives the company a pro formal liquidity position of approximately $ 2 billion.

“We now have the strongest assessment in the sector and the resources we need to execute here in the United States and abroad,” said founder and CEO Adam Goldstein in a statement. “The future of Archer could not be brighter.”

Stock offer comes after the president Donald Trump Recently signed an executive decree which created a pilot program to support the development and deployment of more EVTOL vehicles in the American actions of Archer and competitor Aviation Joby joined the news this week this week.

The demand for EVTOL companies has climbed in recent years while developers praising the ability of technology to reduce emissions and reduce traffic congestion. Technology faces many regulatory and security obstacles in the process.

Archer has already teamed up with United Airlines To deploy an airport air taxi service. Last month, competitor Joby aviation said he received the First 250 million dollars Of a $ 500 million contract with the automaker Toyota to support the certification and production of Evtols.

Archer is expected to display his Midnight Evtol plane at Paris Air Show this month. The United Arab Emirates will be the company First launch market.