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Archer Aviation
’s stock dropped as much as 15% on Friday after the air taxi maker said it sold $850 million worth of shares.
The electric vertical takeoff and landing vehicle, or eVTOL, company said Thursday it plans to use the financing to support new infrastructure and the rollout of an artificial intelligence-based aviation software platform. The money will also support its Launch Edition program, including an official partnership to provide air taxi services during the 2028 Olympics in Los Angeles.
Archer said the funding round included the sale of 85 million shares at $10 apiece and gives the company a pro forma liquidity position of roughly $2 billion.
