Archer Aviation Inc. (ACHR) saw its stock plummet by 6.09% in the intraday trading session on Thursday. The decline followed the company's announcement of raising $430 million in fresh capital through an equity offering.
The funds raised will be utilized by Archer Aviation for various purposes, including the development of a hybrid aircraft in collaboration with defense technology company Anduril Industries. The partnership aims to target a potential "program of record" from the Pentagon, which refers to a government-approved and authorized acquisition program.
Despite the equity dilution from the offering, Archer Aviation's stock had gained 20.36% on a year-to-date basis leading up to Thursday's close. Investors will closely monitor the company's progress in executing its growth strategies and securing potential government contracts.
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