Atlas Crest Investment Corporation (NYSE: ACIC) stock came rising +8.91 to $12.96 in after-hour trading on Friday. The company saw its price falling -2.14% to close the weekend session at $11.90.
What does the company do?
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Incorporated as a blank check company, Atlas Crest was formed for the purpose of effecting combinations between two or more businesses for the purpose of mergers, stock purchases, and similar business transactions. In today’s economic environment, Moelis & Company is one of the most trusted global financial advisors to executives, boards, entrepreneurs, investors, government officials and financial sponsors; and one of its affiliates is the sponsor of ACIC. The SPAC become listed on October 27, 2020 through an IPO worth $500 million. Based in New York, New York, the company was founded in 2020.
ACIC recently announced a merger deal with Archer valuing it at a price of $3.8 billion. For Urban Air Mobility (UAM), Archer designs and develops electric vertical take-off and landing (eVTOL) aircraft built on an all-electric propulsion system that can carry passengers 60 miles at a top speed of 150 mph while producing minimal noise.
In a press release issued Wednesday, California-based Archer announced its commitment to launch the first Urban Air Mobility (UAM) network in Los Angeles by 2024. UAM could provide a new way for people to travel in and around dense urban areas and address some of Southern California’s mobility challenges. The news of Archers receiving a $1 billion commercial order from United Airlines surfaced last week that also came to be raising the price of ACIC’s share.
Despite the fact that the contract was subject to business and operating requirements of United irlines, but the commercial order puts Archer in an advantageous position to implement Urban Air Mobility (UAM) distribution systems as part of American cities’ future transportation networks. In advancing the benefits of sustainable air mobility, Archer is on a mission of moving people in a quick, safe, sustainable manner, with a goal of reducing the carbon footprint of the world’s cities.