Atlas Crest Investment Corp. was a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more businesses.
On October 27, 2020, Atlas Crest Investment Corp. raised $500 million from its IPO on the New York Stock Exchange.
On September 16, 2021, Atlas Crest Investment Corp. completed its combination with Archer Aviation Inc., a leading Urban Air Mobility (“UAM”) company and developer of all-electric vertical take-off and landing (“eVTOL”) aircraft, which resulted in Archer becoming a publicly listed company under the ticker “ACHR”. The business combination raised more than $850 million of gross proceeds for Archer including $600 million of proceeds from a common stock PIPE with participation from leading strategic and financial investors.