Why Archer Aviation Stock Is Flying Today

Archer Aviation Inc. ACHR shares are trading higher Friday after the company announced a $215 million equity investment and an agreement with Boeing Co. BA and Wisk to enter into a collaboration and settle litigation between the companies.

The Details:

Archer Aviation announced a $215 million equity investment from industry leaders Stellantis NV STLA, Boeing Co., United Airlines Holdings UAL, ARK Invest and other financial institutions.

Archer also announced that its Midnight eVTOL aircraft has received its Special Airworthiness Certificate from the Federal Aviation Administration (FAA) and flight test operations will begin in the coming weeks. 

Archer Aviation stated that it is on track to deliver the Midnight aircraft to the U.S. Air Force in 2023 or early 2024 as part of its agreement with the Department of Defense. . The company stated that it believes the delivery of the Midnight the first ever eVTOL aircraft delivered to a customer.

"Over the last quarter, we've seen the U.S. government make an unwavering commitment that America will lead the way in commercializing eVTOL aircraft, the FAA validated the timeline for eVTOL aircraft to begin operations in the U.S. in 2025, and leaders in the mobility industry, Stellantis, United Airlines and Boeing, have come together to invest in Archer's future," said Adam Goldstein, Archer Aviation CEO.

"The pace at which our industry is advancing is unprecedented. Our team's hard work and dedication have brought us to this exciting moment, and we can't wait to see Midnight soar."

Additionally, Archer Aviation announced that Archer, Wisk, and Boeing have  an agreed to enter into an autonomous flight collaboration and reached a settlement to resolve the federal and state court litigation between the companies.

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ACHR Price Action: According to Benzinga Pro, shares of ACHR are up by more than 6% at $6.20 at the time of publication.

Image: Courtesy of Archer Aviation, Inc.