Archer Aviation (ACHR) said Tuesday it raised about $301.8 million in gross proceeds from a registered direct offering of 35.5 million shares at $8.50 apiece.

The company said it plans to allocate the net proceeds towards developing its aircraft manufacturing capabilities and general corporate purposes.

Archer said it expects Q4 GAAP operating expenses of $120 million to $140 million, and non-GAAP operating expenses in line with its outlook of between $95 million and $110 million.

The company said it does not expect Q1 non-GAAP operating expenses to "materially increase" compared with the Q4 guidance range.

ACHR shares were down 5.7% in early trading.