da-kuk
Ark Invest continued to snap up shares of Archer Aviation (NYSE:ACHR) on Thursday. The ARK Innovation ETF (NYSEARCA:ARKK) picked up 199,949 shares, while the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) purchased 26,067 shares and the ARK Space Exploration & Innovation ETF (BATS:ARKX) bought 7,334 shares.
Santa-Clara, California-based Archer Aviation (ACHR) is a top ten holding of the ARK Autonomous Technology & Robotics ETF (ARKQ).
Archer Aviation produces electric vertical takeoff and landing aircraft for urban environments, with the goal of creating a robust air-taxi service.
Archer Aviation (ACHR) recently secured a $215M investment from a group that included Stellantis (STLA), Boeing (BA), United Airlines (UAL), and ARK Investment Management. The investment round includes an acceleration of $70M from Stellantis (STLA) under the strategic funding agreement entered into earlier this year, with $55M remaining available under that facility.
“The commitment from Stellantis has been unrivaled, from its foresight to provide the manufacturing expertise and capital needed to accelerate Archer’s business objectives, to the strategic vision and steadfast support from CEO Carlos Tavares and Chief Engineering and Technology Officer Ned Curic,” noted ACHR.
Archer Aviation (ACHR) also said that it reached an agreement with Boeing (BA) and Wisk to enter into autonomous flight collaboration and settle litigation matters.
“This strategic relationship will leverage each company’s respective strengths and competencies with the goal of accelerating the commercialization of autonomous flight. This approach is a natural extension of Archer’s overall strategy of focusing its in-house research and development on the key enabling technologies that cannot be sourced from the existing aerospace supply base, thereby helping Archer potentially avoid hundreds of millions of dollars of spending.”
Shares of Archer Aviation (ACHR) are up more than 230% on a year-to-date basis.
