Archer Aviation Inc.
09/17/2024 | Press release | Distributed by Public on 09/17/2024 14:48
Material Event Form 8 K
Item 8.01 Other Events.
Pursuant to Archer Aviation Inc.'s (the "Company") shelf registration statement on Form S-3 (File No. 333-279289), which was declared effective by the U.S. Securities and Exchange Commission on May 16, 2024, including the prospectus supplement dated September 16, 2024, and accompanying prospectus, the Company will issue up to $5,000,000 of shares of the Company's Class A common stock, par value $0.0001 per share ("Class A common stock") in satisfaction of payment to a service provider for services rendered (the "Vendor Shares"). The Company entered into a legal fee and retainer letter with the service provider on September 16, 2024, providing for the issuance of the Vendor Shares. A copy of the opinion of Fenwick & West LLP relating to the validity of the Vendor Shares is filed herewith as Exhibit 5.1.
The number of Vendor Shares to be issued will be equal to the dollar amount due to the service provider on the relevant payment date, divided by the volume weighted average trading price for a share of Class A common stock during the five (5) consecutive trading day period ending on (and including) the last trading date prior to the applicable payment date (as adjusted for any share splits, reverse splits, share dividends, rights issuances, subdivisions, reorganizations and recapitalization).