Archer Aviation Inc.
07/03/2024 | Press release | Distributed by Public on 07/03/2024 15:08
Private Placement Form 8 K
Item 3.02. Unregistered Sales of Equity Securities.
On June 27, 2024, pursuant to the Forward Purchase Agreement ("FPA") dated January 3, 2023, by and between the Company and Stellantis N.V. ("Stellantis"), the Company elected to draw down the $55.0 million remaining available under the FPA associated with Milestone 3 (as defined in the FPA). In accordance therewith, on July 1, 2024, the Company issued 17,401,153 shares of Class A common stock, par value $0.0001 per share ("Common Stock") to Stellantis, at a price per share of Common Stock of $3.16071, for gross proceeds of approximately $55.0 million.
This issuance of Common Stock by the Company to Stellantis was made pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended.