Archer, an Urban Air Mobility company and developer of all-electric vertical take-off and landing, or “eVTOL,” aircraft, and Atlas Crest Investment Corp. (ACIC), a special purpose acquisition company, announced they have entered into a definitive agreement for a business combination that would result in Archer becoming a publicly listed company. It is anticipated that the post-closing company, Archer, will be listed on the NYSE with ticker symbol “ACHR.” The companies said: “Archer is developing the world’s first commercially viable all-electric UAM platform that will move people throughout the world’s cities in a fast, safe, sustainable, and cost-effective manner. The fully electric vertical takeoff and landing aircraft is expected to be capable of traveling distances of up to 60 miles at 150 mph using technology available today and will transform how people approach everyday life, work and adventure, while benefiting the environment and a future zero emissions world.” United Airlines (UAL) announced that it has entered into an agreement to invest in Archer as “part of the airline’s broader effort to partner with leading technology companies that will decarbonize air travel.” Under the terms of the agreement, United has placed an order, subject to United’s business and operating requirements, for $1B of Archer’s aircraft, with an option for an additional $500M of aircraft. United, in partnership with Mesa Airlines, “could give customers a quick, economic and low-emission way to get to airports within its major hubs by 2024,” the companies stated. “The collaboration agreement provides for close coordination between United Airlines and Archer in a commercialization approach which emphasizes existing technology and elegant design to facilitate regulatory approvals and efficient manufacturing culminating in a luxury experience at a scaled, low delivered cost point,” they added. The transaction values the combined company at an implied $3.8B pro forma equity value at the $10.00 per share PIPE price. The combined company is expected to receive approximately $1.1B of gross proceeds from a fully committed common stock PIPE offering of $600M, along with approximately $500M cash held in trust, assuming minimal redemptions of Atlas Crest’s existing public stockholders. The boards of directors of both Archer and Atlas Crest have unanimously approved the proposed business combination, which is expected to be completed in the second quarter of 2021, subject to the approval by Atlas Crest stockholders and the satisfaction or waiver of other customary closing conditions identified in the business combination agreement.