Archer Aviation (NYSE:ACHR) stock is on the move Tuesday after the eVTOL company closed an oversubscribed PIPE investment round.
With this PIPE investment, the company has secured another $215 million in funding. Additionally, Stellanis (NYSE:STLA) chose to invest another $55 million into Archer Aviation at around the same time. This brings its total liquidity up to $675 million.
Archer Aviation points out that this recent PIPE funding brought in investments from major names. That includes both United Airlines (NASDAQ:UAL) making its third investment in the company with the PIPE. Another big name that invested in ACHR stock through this PIPE is ARK Investment Management LLC. Both oversubscribed to the PIPE.
Adam Goldstein, founder and CEO of Archer Aviation, said the following about the investment:
“At Archer, we’re investing in changing the future of mobility, and we’re focused on building a sustainable business with huge growth potential. You have to align yourself with investors who understand that and think long-term. I couldn’t be prouder of the investors who participated in this round as they truly understand and embrace that.”
ACHR Stock Movement Today
With the news of this PIPE comes strong trading of ACHR stock on Tuesday. As of this writing, more than 3.5 million shares of the company’s stock have changed hands. That’s not bad compared to its daily average trading volume of about 6.6 million shares.
Even so, ACHR stock is down 3.1% as of Tuesday morning. However, the stock is still up 229% since the start of the year.
Investors can find even more of the most recent stock market news worth reading about today below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
