Feb 20, 2021
When EHang Holdings Ltd. first sold shares to the U.S. public in December 2019, investors weren’t exactly sold on the rare chance to bet on the future of flying cars. The Chinese company makes “electric vertical take-off and landing” (eVTOL) aircraft, which function a bit like a helicopter but are powered by batteries and have multiple rotors. Its passenger drones are pilotless, too, unlike those of most of its rivals.
EHang’s listing a traditional initial public offering underwritten by Morgan Stanley and Credit Suisse raised just $41 million and valued the company at less than $700 million. Since then it has been caught up in a surge of excitement about the development of air taxis, and at the start of this week it was worth $6.8 billion.
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Moelis' Atlas Crest Investment Corp to Take Archer Aviation Public swfinstitute.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swfinstitute.org Daily Mail and Mail on Sunday newspapers.
Rendering of Archer s upcoming eVTOL aircraft, to be unveiled in 2021. Photo Credit: Archer
It was announced on Feb. 10 that Archer (Palo Alto, Calif., U.S.) an urban air mobility (UAM) company and developer of all-electric vertical takeoff and landing (eVTOL) aircraft, and Atlas Crest Investment Corp., a special purpose acquisition company, have entered into a definitive agreement for a business combination that would result in Archer becoming a publicly listed company by Q2 2021. It is anticipated that the post-closing company, Archer, will be listed on the NYSE with ticker symbol “ACHR.”
The transaction values the combined company at an implied $3.8 billion pro forma equity value at the $10.00 per share PIPE price. The business combination agreement is expected to provide approximately $1.1 billion of gross proceeds to the combined company, assuming minimal redemption, to fund expected future growth, including a fully committed $600 million common stock PIPE with partici
There is quite a bit to get to this week, so let’s charge forward.
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Micromobbin’
The spike in electric bike sales was one of the rosier outcomes of the COVID-19 pandemic. Now, new legislation introduced this past week by U.S. representatives Jimmy Panetta (D-CA) and Earl Blumenauer (D-OR) could push sales even higher. The Electric Bicycle Incentive Kickstart for the Environment (E-BIKE) Act proposes creating a consumer tax credit that would cover 30% of the cost of an electric bicycle up to a $1,500 credit. The proposed bill applies to new electric bicycles that cost less than $8,000 and is fully refundable, allowing lower-income workers to claim the credit, according to Panetta’s announcement.