Michael Spellacy, a director at Archer Aviation Inc. (NYSE:ACHR), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Spellacy sold a total of 470,000 shares of Class A Common Stock at a price of $10 per share, amounting to $4.7 million in total sales. The sale comes as ACHR's stock has shown remarkable momentum, with a 159% surge over the past six months and currently trading near its 52-week high of $10.58.
The transactions took place on December 18, 2024, and were executed under a pre-established Rule 10b5-1 trading plan, which was adopted on September 13, 2024. Following these sales, Spellacy holds no direct shares but retains an indirect interest through Achill Holdings LLC, where he remains the sole managing member.
Investors will note that these transactions are part of routine financial management by company insiders, subject to regulatory compliance and disclosure.
In other recent news, Archer Aviation Inc. has witnessed a series of noteworthy developments. The company has completed the construction of its ARC manufacturing facility, a significant milestone in its transition from research and development to commercialization. The facility, located in Georgia, will commence production of Archer's all-electric vertical take-off and landing aircraft, Midnight, in early 2025.
The construction of ARC is part of a broader partnership with automotive giant Stellantis (NYSE:STLA), which is supporting Archer with capital, technology, and personnel. This collaboration aims to scale the facility to an annual output of 650 aircraft by 2030.
Additionally, Archer has announced an exclusive partnership with defense contractor Anduril Industries, aiming to develop an unmanned hybrid vertical take-off and landing aircraft for defense applications. This partnership has led Canaccord Genuity to increase its price target for Archer Aviation, maintaining a Buy rating on the stock.
In international developments, Archer Aviation has secured a multi-party collaboration agreement in the United Arab Emirates and Abu Dhabi to establish electric air taxi operations, positioning Archer as the first eVTOL aircraft manufacturer in the Middle East and North Africa region. These recent developments illustrate Archer Aviation's ongoing efforts to revolutionize urban air mobility.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.