Air Taxi Startup Lowers Enterprise Value Of SPAC Deal By $1B
By Benjamin Horney (July 29, 2021, 5:52 PM EDT) -- Archer Aviation and special purpose acquisition company Atlas Crest said Thursday that they were slicing the enterprise value of their merger by $1 billion, in a move that comes as the U.S. Securities and Exchange Commission seeks to ensure SPAC deals are being adequately regulated.
The revised transaction cuts the anticipated pro forma enterprise value of Archer by 38%, from $2.7 billion to $1.7 billion, according to a statement. The original agreement, unveiled in February, cited a pro forma equity value of about $3.8 billion. That figure was determined by combining the anticipated $2.7 billion value of Archer with $1.1 billion...
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