Why Archer Aviation Stock Is Sinking Today
Archer Aviation (NYSE: ACHR) stock is seeing big sell-offs in Wednesday's trading. The flying electric vehicle company's share price was down 8.6% as of 11:15 a.m. ET.
Before the market opened this morning, Archer Aviation submitted a filing to the Securities and Exchange Commission (SEC) indicating that it plans to create and sell new stock. The company has entered into an agreement to sell up to $70 million worth of new Class A common stock.
Archer Aviation's recent stock offering filing has raised concerns about shareholder dilution. As the company issues more stock, the stake that previously existing shareholders own becomes smaller.
Source Fool.com
