Atlas Crest Investment today said that independent proxy advisory firm Glass Lewis issued a report recommending that stockholders vote in favor of the proposed merger with Archer Aviation. There was no additional detail in the press release explaining the firm’s opinion, nor was a copy of the report immediately available or to be found on the Glass Lewis website.
The announcement comes fast on the heels of news reports yesterday that Atlas Crest investor Institutional Shareholder Services was urging fellow stockholders to vote against the Archer deal. The proposed merger with Archer, a developer of vertical take-off and landing electric aircraft that is mired in a legal battle over trade secrets, poses risk without the prospect of material gains for Atlas investors, ISS said in its report.
Archer and Atlas Crest in July revised the valuation of their pending transaction, lowering Archer’s pro forma enterprise value from $2.7 billion to $1.7 billion.
A shareholder vote on the deal is set for Sept. 14. Read more.
