Archer Aviation shares fall as firm doubles approved shares, modifications bylaws

• Archer Aviation shareholders have agreed to double the quantity of approved frequent inventory.

• The United Airways-backed maker of electrical vertical takeoff and touchdown (eVTOL) plane additionally issued shares to automaker Stellantis following an earlier deal.

• The corporate additionally modified board of administrators and possession necessities to align with U.S. federal citizenship laws.

Archer Aviation (ACHR) shares fell 10% Monday because the United Airways-backed maker of electrical vertical takeoff and touchdown (eVTOL) planes (UAL) introduced that it was doubling the quantity of approved frequent inventory and altering board membership and possession necessities.

In a regulatory submitting, the corporate mentioned that at a particular shareholder assembly on Dec. 20, buyers voted to amend the corporate’s certificates of incorporation “to extend the variety of approved shares by class A of the corporate obtainable for concern of 700,000,000″. to 1,400,000,000.”

Shareholders additionally voted to concern Class A typical inventory to automaker Stellantis (STLA) in accordance with an settlement reached in August.

Together with these selections, shareholders authorised “limits on voting, possession and management of the Firm by individuals who don’t meet the definition of ‘citizen of the US'” as outlined by federal legislation. Moreover, Archer agreed to sure limitations concerning international possession.

Archer Aviation shares ended Monday’s session down 10% at $10.06. But they added greater than 60% of their worth this 12 months.

CORRECTION and UPDATE—This text has been corrected to mirror the doubling of approved shares and up to date to present Monday’s closing worth..

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