Archer Aviation director Michael Spellacy sells $4.7 million worth of shares from Investing.com

Michael Spellacy, Director at Archer Aviation Inc. (NYSE:) recently sold a significant portion of its shares 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, for total sales of $4.7 million. The sale comes as ACHR stock has shown notable momentum, up 159% over the past six months and currently near its 52-week high of $10.58.

The transactions occurred on December 18, 2024 and were conducted pursuant to a predetermined trading plan pursuant to Rule 10b5-1, which was adopted on September 13, 2024. Following these sales, Spellacy does not hold any direct shares, but retains an indirect interest through Achill Holdings LLC, where he remains the sole managing member.

Investors are cautioned that these transactions are part of routine financial management by company insiders and are subject to regulatory compliance and disclosure.

In other recent news, Archer Aviation Inc. has experienced a number of notable developments. The company has completed construction of its ARC manufacturing facility, a key milestone in the transition from research and development to commercialization. The Georgia facility will begin production of Archer’s all-electric Midnight vertical takeoff and landing aircraft in early 2025.

The construction of ARC is part of a broader partnership with automotive giant Stellantis (NYSE:), which is supporting Archer with capital, technology and personnel. The goal of this collaboration is to bring the facility to an annual production of 650 aircraft by 2030.

Additionally, Archer announced an exclusive partnership with defense company Anduril Industries aimed at developing an unmanned hybrid vertical take-off and landing aircraft for defense applications. This partnership has led Canaccord Genuity to increase its price target on Archer Aviation and maintain a Buy rating on the stock.

In international developments, Archer Aviation has entered into a multi-party collaboration agreement in the United Arab Emirates and Abu Dhabi to establish an electric air taxi operation, positioning Archer as the first eVTOL aircraft manufacturer in the Middle East and North Africa region. These latest developments demonstrate Archer Aviation’s ongoing efforts to revolutionize urban air mobility.

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