BUZZ-Archer Aviation falls on $302 million funding from institutional investors

Shares of air-taxi maker Archer Aviation ACHR.N slide as much as 10.3%; last down 7.3% at $9.46

ACHR says it has raised $301.8 million in financing from institutional investors including BlackRock BLK.N, the world's largest asset manager

Co expects the financing to bolster the development of its hybrid aircraft platform and fortify its balance sheet

Capital raise brings ACHR's total liquidity to ~$1 billion

Investors have agreed to purchase 35.5 million ACHR shares at $8.50/shr in a registered direct stock offering

That represents a 16.7% discount to ACHR's last close

Co has 489.2 million outstanding shares for $4.99 billion market capitalization as of last close, according to data compiled by LSEG

ACHR stock jumped 58.8% in 2024