Auto & Mobility Company Stellantis Ups Stake in Strategic Partner Archer Aviation; Bought 3.6 Million Additional ACHR Shares in March
Stellantis’s (NYSE: STLA) recently-filed Form 4 revealed a $15.63 million insider purchase.
(Amsterdam, Netherlands) Automotive and mobility transportation company Stellantis (NYSE: STLA) recently filed a Form 4 revealing a $15.63 million insider purchase of additional shares of its strategic partner, Archer Aviation (ACHR), after acquiring 3.6 million ACHR shares between March 4 and March 7, per Investor Place.
Photo of Stellantis CEO Carlos Tavares and Archer CEO Adam Goldstein at Archer’s headquarters in May of 2022 courtesy of Archer.
As of the time of publication of this article (3pm EST), Archer shares are up more than 5.5% and trading above $5.00 today. Stellantis’s March 4-7 purchases of ACHR shares occurred at average prices ranging between $4.22 and $4.51, according to Investor Place.
Stellantis, whose partnership with Archer dates back to 2020, now owns 34.65 million shares of Archer and maintains ownership of more than 10% company – thus, the company’s ‘insider’ status – per Investor Place.
As Archer’s strategic partner, Stellantis in January of 2023 agreed to mass produce Archer’s Midnight eVTOL aircraft as the company’s exclusive partner, contribute its manufacturing technology and expertise and provide up to $150 million of equity capital to Archer. At that time, Stellantis announced its intent to increase its strategic shareholding in Archer through future purchases of Archer stock in the open market.
“Supporting Archer with our manufacturing capability is another example of how Stellantis will lead the way the world moves,” reads a quote from Stellantis Chief Executive Officer Carlos Tavares on Stellantis’s website. “We are pushing the boundaries to take urban air mobility a step further, delivering as many tools as possible to our fellow citizens to protect their freedom of mobility, from the road to the sky.”
In August of 2023, Archer announced the closure of a $215 million investment round led by Stellantis as well as Boeing, United Airlines, ARK Investment Management and other financial institutions which, at that time, increased Archer’s total funding to date to over $1.1 billion.
** Not investment advice; The FLY Report is not a registered investment advisor.
