Archer Aviation's stock is experiencing a significant decline today after the company announced a substantial increase in its available shares. In a recent regulatory filing, Archer Aviation revealed that shareholders approved a decision to double the number of authorized Class A common stock from 700 million to 1.4 billion. This move, decided in a special meeting on December 20, has raised concerns about potential dilution among investors, contributing to the stock's downward pressure.
Additionally, Archer Aviation issued shares to Stellantis, following a prior agreement, and made changes to its board and ownership requirements to comply with U.S. citizenship regulations. These developments have added to the market's apprehension, further impacting the stock's performance.
Archer Aviation's stock is currently trading at $10.05, down 10.11% from its previous close of $11.18, and has decreased by 5.37% from its opening price of $10.62.