Archer Aviation Announces Closing of Business Combination with Atlas Crest Investment Corp. to Become A Publicly Traded Company
September 16 2021 - 4:38PM
Business Wire
Archer Aviation Inc. announced today that it has closed its
business combination with Atlas Crest Investment Corp. (NYSE: ACIC)
(“Atlas Crest”), a special purpose acquisition company. Upon the
completion of the transaction, Atlas Crest changed its name to
“Archer Aviation Inc.” Archer’s common stock and warrants will
commence trading on the New York Stock Exchange (“NYSE”) on
September 17, 2021, under the ticker symbols “ACHR” and “ACHR WS”,
respectively.
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Brett Adcock, Co-Founder and Co-CEO of Archer, said, “Today
marks a great moment for the Archer team and we are excited to push
forward with additional capital as we pursue our goal of bringing
our urban air mobility network vision to life.” Michael Spellacy,
CEO of Atlas Crest, added, “We are pleased to have reached this
important milestone in closing our transaction with Archer. With
the proceeds from this transaction, Archer is entering the public
markets from a position of financial and competitive strength to
accomplish their mission of revolutionizing the future of urban
transportation.”
The Business Combination generated approximately $857.6 million
of gross proceeds, including $600 million of proceeds from the PIPE
which will help fund Archer's vision of bringing an electric
vertical takeoff and landing vehicle (eVTOL) to market and
launching an urban air mobility network.
Advisors
Moelis & Company LLC served as exclusive placement agent on
the PIPE. Barclays Capital Inc. served as exclusive financial and
capital markets advisor to Archer. Moelis & Company LLC served
as exclusive financial advisor to Atlas Crest. Cantor Fitzgerald
& Co. served as exclusive capital markets advisor to Atlas
Crest. Duff & Phelps, LLC provided a fairness opinion in
connection with the transaction to the Atlas Crest board of
directors. Cooley LLP served as legal advisor to Archer. Kirkland
& Ellis LLP served as legal advisor to Atlas Crest.
About Archer
Archer’s mission is to advance the benefits of sustainable air
mobility. Archer’s goal is to move people throughout the world's
cities in a quick, safe, sustainable, and cost-effective manner.
Archer is designing and developing electric vertical takeoff and
landing (eVTOL) aircraft for use in urban air mobility. Archer's
team is based in Palo Alto, CA. To learn more, visit
www.archer.com.
About Atlas Crest
Atlas Crest Investment Corp. (NYSE: ACIC) is a special purpose
acquisition company formed for the purpose of effecting a merger,
stock purchase or similar business combination with one or more
businesses and is sponsored by an affiliate of Moelis &
Company, a leading global financial advisor to corporate
executives, boards, entrepreneurs, financial sponsors and
governments. The management team is led by Ken Moelis, Chairman,
and Michael Spellacy, Chief Executive Officer, both of whom have
had careers centered around identifying, evaluating and
implementing organic and inorganic transformational growth and
value creation initiatives across a broad range of industries.
Atlas Crest priced its $500 million initial public offering on
October 27, 2020.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. All statements other
than statements of historical fact contained in this release,
including statements regarding Archer’s future operating results
and financial position, business strategy and plans, objectives of
management 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 important factors
that may cause Archer’s actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Forward-looking statements are based on management’s
current expectations and assumptions regarding the Archer’s
business, the economy and other future conditions.
In some cases, you can identify forward-looking statements by
terms such as “believe,” “project,” “expect,” “anticipate,”
“estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,”
“may,” “should,” “will,” “would,” “will be,” “will continue,” “will
likely result” or the negative of these terms or other similar
expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including, without limitation,
those factors described in the Company’s filings with the
Securities and Exchange Commission.
Because forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or
quantified, you should not rely on these forward-looking statements
as predictions of future events. Forward-looking statements speak
only as of the date they are made. New risks and uncertainties
arise over time, and it is not possible for Archer’s to predict
those events or how they may affect Archer. If a change to the
events and circumstances reflected in Archer’s forward-looking
statements occurs, Archer’s business, financial condition and
operating results may vary materially from those expressed in
Archer’s forward-looking statements. If a change to the events and
circumstances reflected in Archer’s forward-looking statements
occurs, Archer’s business, financial condition and operating
results may vary materially from those expressed in Archer’s
forward-looking statements. Except as required by applicable law,
Archer does not plan to publicly update or revise any
forward-looking statements contained herein, whether as a result of
any new information, future events or otherwise.
Source: Archer Text: ArcherIR
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For Investors investors@archer.com
For Media Louise Bristow Archer C: 818 398 8091
louise.bristow@archer.com archer@launchsquad.com
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