Archer Aviation falls after announcing stock sale, Q3 results

Shares of air taxi maker Archer Aviation ACHR.N fall 14% to $7.65 after co announces stock sale worth $650 mln

Co intends to use $171 million of the net proceeds for acquisition and redevelopment of Hawthorne Airport in Los Angeles

Co prices shares at $8, representing a discount of 11% to its last close of $8.88

"We're more bullish than bearish on ACHR's LA airport acquisition, with ACHR now better positioned to push the air taxi industry forward," Needham analysts say in a note

Brokerage H.C Wainwright says that since co does not intend to pursue any additional deals of a similar nature, the bolstered balance sheet will not be burdened by these types of transactions going forward

Separately, co says it incurs no revenue in Q3, reports net loss of 20 cents per share

Up to last close, stock down 8.92% YTD