Archer Aviation Stock Sinks After Firm Doubles Available Shares, Changes Bylaws | Global News Avenue

Archer Air (acetylcholine receptorShares of the maker of electric vertical takeoff and landing (eVTOL) aircraft backed by United Airlines fell 11% on Monday.University of London College of Art) announced a doubling of the number of available common shares and changes to board membership and ownership requirements.

The company reported in a regulatory filing that at a special meeting of shareholders on December 20, investors voted in favor of amending the company’s certificate of incorporation to “increase the authorized number of shares of Class A common stock issuable by the company from 700 million shares increased to 1,400,000,000.”

Shareholders also voted in favor of an issuance of Class A common stock to automaker Stellantis (STLA) according to the agreement reached in August.

In addition to these decisions, shareholders also approved “restrictions on the voting, ownership and control of the company by persons who do not meet the definition of a ‘citizen of the United States’ as defined by federal law.” In addition, Archer agreed to certain restrictions on foreign ownership.

Despite today’s loss, Archer Aviation shares are still up more than 60% this year.