Atlas Crest Investment said its stockholders voted in favor of the business combination with Archer Aviation, although redemptions of 48.5% took a big bite out of the SPAC’s cash in trust.
Approximately 96% of votes cast were in support of the deal, Atlas Crest said.
Archer Aviation was originally expected to receive proceeds of about $1.1 billion when the deal was announced in February. As a result of the heavy redemptions, the transaction will now provide approximately $857.6 million of gross proceeds, including a $600 million PIPE.
The deal hit turbulence in July when the SPAC hacked the electric aircraft startup’s valuation from $2.7 billion to $1.7 billion. Archer was also dogged by a competitor’s lawsuit alleging stolen trade secrets.
The deal is expected to clsoe tomorrow. Archer Aviation stock and warrants are expected to begin trading Sept. 17 on the NYSE under ACHR and ACHR WS. Read more.
