NEW YORK, September 14, 2021–(BUSINESS WIRE)–Atlas Crest Funding Corp. (NYSE: ACIC) (“Atlas Crest”), a particular function acquisition firm, introduced that its stockholders authorized all proposals associated to the beforehand introduced enterprise mixture (the “Enterprise Mixture”) with Archer Aviation Inc. (“Archer”) at a particular assembly of stockholders held immediately (the “Particular Assembly”). A Present Report on Kind 8-Okay disclosing the complete voting outcomes might be filed with the Securities and Change Fee.
Roughly 96% of votes solid on the Particular Assembly voted to approve the Enterprise Mixture.
In reference to the vote on the Enterprise Mixture, roughly 48.5% of eligible shareholders exercised redemption rights. The Enterprise Mixture will generate roughly $857.6 million of gross proceeds, together with $600 million of proceeds from the PIPE.
The closing of the Enterprise Mixture is anticipated to happen on or about September 16, 2021. Following the closing, the mixed firm might be referred to as “Archer Aviation Inc.” and its widespread inventory and warrants are anticipated to commerce on the New York Inventory Change below the brand new ticker symbols “ACHR” and “ACHR WS,” respectively, on September 17, 2021.
Archer’s mission is to advance the advantages of sustainable air mobility. Archer’s purpose is to maneuver folks all through the world’s cities in a fast, secure, sustainable, and cost-effective method. Archer is designing and growing electrical vertical takeoff and touchdown (eVTOL) plane to be used in City Air Mobility. Archer’s staff is predicated in Palo Alto, CA. To study extra, go to www.archer.com.
About Atlas Crest
Atlas Crest Funding Corp. (NYSE: ACIC) is a particular function acquisition firm fashioned for the aim of effecting a merger, inventory buy or comparable enterprise mixture with a number of companies and is sponsored by an affiliate of Moelis & Firm, a number one world monetary advisor to company executives, boards, entrepreneurs, monetary sponsors and governments. The administration staff is led by Ken Moelis, Chairman, and Michael Spellacy, Chief Government Officer, each of whom have had careers centered round figuring out, evaluating and implementing natural and inorganic transformational development and worth creation initiatives throughout a broad vary of industries. Atlas Crest priced its $500 million preliminary public providing on October 27, 2020.
Ahead Wanting Statements
Sure statements made on this press launch usually are not historic information however are forward-looking statements for functions of the secure harbor provisions below The Personal Securities Litigation Reform Act of 1995. Ahead-looking statements usually are accompanied by phrases comparable to “imagine,” “could,” “will,” “estimate,” “proceed,” “anticipate,” “intend,” “anticipate,” “ought to,” “would,” “plan,” “predict,” “potential,” “appear,” “search,” “future,” “outlook,” and comparable expressions that predict or point out future occasions or developments or that aren’t statements of historic issues. These forward-looking statements embody, however usually are not restricted to, statements concerning future occasions, the Enterprise Mixture between Atlas Crest and Archer, the estimated or anticipated future outcomes and advantages of the mixed firm following the Enterprise Mixture, together with the chance and skill of the events to efficiently consummate the Enterprise Mixture, future alternatives for the mixed firm, and different statements that aren’t historic information. These statements are based mostly on the present expectations of the administration of Atlas Crest and Archer and usually are not predictions of precise efficiency. These forward-looking statements are supplied for illustrative functions solely and usually are not supposed to function, and should not be relied on, by any investor as a assure, an assurance, a prediction or a definitive assertion of reality or chance. Precise occasions and circumstances are tough or inconceivable to foretell and can differ from assumptions. Many precise occasions and circumstances are past the management of Atlas Crest and Archer. These statements are topic to numerous dangers and uncertainties concerning the companies of Atlas Crest and Archer and the Enterprise Mixture, and precise outcomes could differ materially. These dangers and uncertainties embody, however usually are not restricted to, the early stage nature of Archer’s enterprise and its previous and projected future losses; Archer’s capability to fabricate and ship plane and its impression on the chance of funding; Archer’s dependence on United Airways for its present plane orders and growth course of, and the chance that United Airways cancels its contracts with Archer; dangers regarding the uncertainty of the projections included within the mannequin; the effectiveness of Archer’s advertising and marketing and development methods, together with its capability to successfully market air transportation as an alternative choice to standard strategies of transportation; Archer’s capability to compete within the aggressive city air mobility and eVTOL industries; Archer’s capability to acquire anticipated or required certifications, licenses, approvals, and authorizations from transportation authorities; Archer’s capability to attain its enterprise milestones and launch merchandise on anticipated timelines; Archer’s dependence on suppliers and repair companions for the components and elements in its plane; Archer’s capability to develop commercial-scale manufacturing capabilities; regulatory necessities and different obstacles outdoors of Archer’s management that gradual market adoption of electrical plane, comparable to Archer’s incapacity to acquire and preserve sufficient services and Vertiport infrastructure; Archer’s capability to rent, prepare and retain certified personnel; dangers associated to Archer’s Aerial Journey Sharing Enterprise working in densely populated metropolitan areas and closely regulated airports; antagonistic publicity from accidents involving plane, helicopters or lithium-ion battery cells; the impression of labor and union actions on Archer’s work power; losses ensuing from listed worth escalation clauses in buy orders and price overruns; regulatory dangers associated to evolving legal guidelines and laws in Archer’s industries; impression of the COVID-19 pandemic on Archer’s enterprise and the worldwide economic system; the shortcoming of the events to efficiently or well timed consummate the proposed enterprise mixture; a decline within the worth of Archer’s securities following the Enterprise Mixture if it fails to satisfy the expectations of buyers or securities analysts; Archer’s incapacity to guard its mental property rights from unauthorized use by third events; Archer’s want for and the supply of extra capital; cybersecurity dangers; dangers and prices related to the continuing litigation with Wisk Aero LLC; the twin class construction of Archer’s widespread inventory, which can restrict different buyers’ capability to affect company issues; the flexibility of Atlas Crest or the mixed firm to difficulty fairness or equity-linked securities in reference to the proposed Enterprise Mixture or sooner or later, and people elements mentioned in Atlas Crest’s definitive proxy assertion/prospectus, dated August 11, 2021 below the heading “Danger Elements,” filed with the SEC on August 11, 2021. If any of those dangers materialize or if assumptions show incorrect, precise outcomes might differ materially from the outcomes implied by these forward-looking statements. There could also be extra dangers that neither Atlas Crest nor Archer presently know or that Atlas Crest and Archer at present imagine are immaterial that would additionally trigger precise outcomes to vary from these contained within the forward-looking statements. As well as, forward-looking statements replicate Atlas Crest’s and Archer’s expectations, plans or forecasts of future occasions and views as of the date of this press launch. Atlas Crest and Archer anticipate that subsequent occasions and developments will trigger Atlas Crest’s and Archer’s assessments to alter. Nevertheless, whereas Atlas Crest and Archer could elect to replace these forward-looking statements sooner or later sooner or later, Atlas Crest and Archer particularly disclaim any obligation to take action. These forward-looking statements shouldn’t be relied upon as representing Atlas Crest’s or Archer’s assessments as of any date subsequent to the date of this press launch. Accordingly, undue reliance shouldn’t be positioned upon the forward-looking statements.
Essential Data for Buyers and Stockholders and The place to Discover It
In reference to the proposed Enterprise Mixture, Atlas Crest filed a registration assertion on Kind S-4, which was declared efficient by the SEC on August 11, 2021, and a complement to the definitive proxy assertion/prospectus on August 30, 2021. The definitive proxy assertion/prospectus was first mailed to the stockholders of Atlas Crest on August 12, 2021, and the complement to the definitive proxy assertion/prospectus, together with a revised proxy card, was first mailed to the stockholders of Atlas Crest on or about August 30, 2021. Buyers and safety holders of Atlas Crest are urged to learn the definitive proxy assertion/prospectus, and any amendments or dietary supplements thereto (together with the complement to the definitive proxy assertion/prospectus) fastidiously and of their entirety as a result of they include necessary details about Atlas Crest, Archer and the proposed Enterprise Mixture. Buyers and safety holders could get hold of copies of the definitive proxy assertion/prospectus, the complement to the definitive proxy assertion/prospectus and different paperwork filed with the SEC by Atlas Crest by way of the web site maintained by the SEC at www.sec.gov. The knowledge contained on, or that could be accessed by way of, the web sites referenced on this press launch is just not included by reference into, and isn’t part of, this press launch.
No Provide or Solicitation
This press launch doesn’t represent a proposal to promote or the solicitation of a proposal to purchase any securities, or a solicitation of any vote or approval in any jurisdiction in reference to the transaction or any associated transactions, nor shall there be any sale, issuance or switch of securities in any jurisdiction the place, or to any particular person to whom, such provide, solicitation or sale could also be illegal. Any providing of securities or solicitation of votes concerning the proposed Enterprise Mixture might be made solely via the definitive proxy assertion/prospectus and the complement to the definitive proxy assertion/prospectus.
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Atlas Crest Funding Corp.
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