Press release
Atlas Crest Investment Corp. Shareholders Approve Business Combination with Archer Aviation Inc.
NEW YORK--(BUSINESS WIRE)-- Atlas Crest Investment Corp. (NYSE: ACIC) (“Atlas Crest”), a special purpose acquisition company, announced that its stockholders
About this update from American Coastal Insurance Corporation
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nAtlas Crest Investment Corp. (NYSE: ACIC) (“Atlas Crest”), a special purpose acquisition company, announced that its stockholders approved all proposals related to the previously announced business combination (the “Business Combination”) with Archer Aviation Inc. (“Archer”) at a special meeting of stockholders held today (the “Special Meeting”). A Current Report on Form 8-K disclosing the full voting results will be filed with the Securities and Exchange Commission.\n\nApproximately 96% of votes cast at the Special Meeting voted to approve the Business Combination.\n\nIn connection with the vote on the Business Combination, approximately 48.5% of eligible shareholders exercised redemption rights. The Business Combination will generate approximately $857.6 million of gross proceeds, including $600 million of proceeds from the PIPE.\n\nThe closing of the Business Combination is anticipated to occur on or about September 16, 2021. Following the closing, the combined company will be known as “Archer Aviation Inc.” and its common stock and warrants are expected to trade on the New York Stock Exchange under the new ticker symbols “ACHR” and “ACHR WS,” respectively, on September 17, 2021.\n\nAbout Archer\n\nArcher’s mission is to advance the benefits of sustainable air mobility. Archer’s goal is to move people throughout the world's cities in a quick, safe, sustainable, and cost-effective manner. Archer is designing and developing electric vertical takeoff and landing (eVTOL) aircraft for use in Urban Air Mobility. Archer's team is based in Palo Alto, CA. To learn more, visit www.archer.com.\n\nAbout Atlas Crest\n\nAtlas Crest Investment Corp. (NYSE: ACIC) is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more businesses and is sponsored by an affiliate of Moelis & Company, a leading global financial advisor to corporate executives, boards, entrepreneurs, financial sponsors and governments. The management team is led by Ken Moelis, Chairman, and Michael Spellacy, Chief Executive Officer, both of whom have had careers centered around identifying, evaluating and implementing organic and inorganic transformational growth and value creation initiatives across a broad range of industries. Atlas Crest priced its $500...