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Archer and Atlas Crest Announce Strategic Reset of Transaction Terms to Further Align with World-Class Investors and Achieve Long-Term Partnership; Oscar Munoz, Former United Airlines Chairman and CEO, Joins the Archer Board
New transaction terms adjust Archer’s pro forma enterprise value from $2.7 billion to $1.7 billion Terms establish a more attractive entry point to market,
About this update from American Coastal Insurance Corporation
[{"type":"text","content":"\n\nNew transaction terms adjust Archer’s pro forma enterprise value from $2.7 billion to $1.7 billion \n\n\nTerms establish a more attractive entry point to market, and a highly compelling investment thesis on an absolute and relative basis\n\n\nBoards of Directors of both Archer and Atlas Crest reaffirm recommendation of the deal\n\n\nOscar Munoz, Former United Airlines Chairman and CEO, joining the Archer Board reinforces Archer’s leadership in the Urban Air Mobility space\n\n\n PALO ALTO, Calif.--(BUSINESS WIRE)--\nArcher, a leading Urban Air Mobility (“UAM”) company and developer of all-electric vertical take-off and landing (“eVTOL”) aircraft, and Atlas Crest Investment Corp. (“Atlas Crest”) (NYSE: ACIC), a special purpose acquisition company, today announced they have revised the valuation of their previously announced transaction. This strategic decision was made in recognition of Archer’s commitment to driving long-term value creation for all shareholders.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729005583/en/\n“We are focused on building not just an electric aircraft, but a sustainable, enduring eVTOL ecosystem, and having tremendous investor support and momentum is critical to our near- and long-term success,” said Brett Adcock, Archer co-founder and co-CEO. “Today’s announcement reflects our commitment to transparency and shareholder alignment now and into the future. We are making this bold move to ensure our eVTOL market leadership.”\n\n“Archer’s commercial partnerships and unparalleled talent set us apart from any other company in the eVTOL space, with an aircraft that has a streamlined path to certification paving the way for us to be first to market,” said Archer co-founder and co-CEO Adam Goldstein. “We believe these qualities and our meaningful recent business progress, combined with an adjusted valuation, support a highly compelling investment thesis on an absolute and relative basis.”\n\n“Atlas Crest believes this is a unique opportunity to reset the valuation for the business, reflecting our commitment to ensuring long-term alignment between the company and its shareholders,” said Michael Spellacy, CEO of Atlas Crest. “We believe that Archer is the leading eVTOL in the space with considerable competitive advantages and enormous upside o...