Archer signs MOU with Stellantis for up to $400M to scale Midnight aircraft manufacturing to 650/year by 2030

Archer Aviation Inc.

Stellantis commits up to ~$400M: ~$372M in manufacturing labor and up to ~$20M in initial capex.
Target to scale production of Archer's Midnight aircraft to 650 units annually by 2030.
Archer to issue Class A common shares to Stellantis based on labor/capex costs relative to 90% VWAP.
Stellantis to receive performance warrant for up to 10,494,377 shares at $0.01 per share, plus potential additional 5M shares.
Issuances subject to stockholder approval; Stellantis locked from transferring shares until Dec 31, 2027.

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