This company just received the first $1 million of a $142 million government contract.
received a landmark Airworthiness Certificate from the Federal Aviation Administration earlier in August, lighting up the runway for the company to begin daily testing of its Midnight electric air taxi.Related: Cathie Wood buys $3.8 million worth of Archer Aviation stock
As the company eyes that fast-approaching goal, Archer on Oct. 4 received the first $1 million of a $142 million contract with the U.S. Air Force. This initial payment is focused on a mobile flight simulator, something that will allow Archer and Air Force officials to begin training pilots. "Archer’s eVTOL technology can help maintain the United States’ position as a global leader in aviation," Goldstein said in a statement."To see our historic contract with the U.S. Air Force move from signature to execution at a rapid pace is a reflection of the strong commitment that the U.S. Department of Defense has made to securing our country's future by investing in transformational technology.
In the midst of Archer's efforts to expand, the company is facing a new class action lawsuit, which was filed earlier in October. The suitthat, between Sept. 17 2021 and Aug. 15 2023, Archer misled investors by using highly edited videos of earlier flights and misrepresenting the profitability of its business.
Still, shares of Archer are up 176% for the year, though the stock has dipped slightly over the past month.And Ark Invest, bullish on disruptive technologies, shored up its investment in Archer Monday, buying up a total of around $846,000 in the company. The bulk of the purchase was completed by Ark's Innovation ETF, which alone snapped up 139,858 shares. This boosted Ark Innovation's total Archer investment to 12.
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