# Archer Aviation — Capital Time Machine

Archer’s private financing included founder notes, a seed round and Series A before its Atlas Crest combination. The preferred-share prices and final merger exchange ratio are documented.

Canonical citation: https://capitaltimemachine.com/private/archer

Ticker: ACHR
Sector: Aviation
Public-market route: SPAC merger
Evidence reviewed: 2026-09-24

## How to use this research

Selected historical funding and listing evidence, not a complete private cap table or live quote. Funding totals, company valuations and per-share prices are different measures. A hypothetical value is not actual sale proceeds; investor access is not established.

## Funding and listing history

### notes — Founder convertible notes

Date: 2019
Event type: Convertible debt

Founder-affiliated entities supplied $300,285 each; the notes converted into seed preferred shares in November 2019.

Reported capital or financing: $600,570 principal

Source: [Final amended 2021 Form S-4](https://www.sec.gov/Archives/edgar/data/1824502/000110465921099461/tm218061-15_s4a.htm)
Source location: Certain relationships and related-party transactions: founder notes, 2019 notes, seed and Series A financings; preferred-stock conversion terms.

### seed — Seed preferred financing

Date: 2019-11
Event type: Preferred equity

November–December: 16,363,635 cash-purchased shares at $0.33, plus 1,829,880 shares from note conversion.

Reported capital or financing: $5.4 million cash purchase price

Reported price: $0.33 per preferred share

Source: [Final amended 2021 Form S-4](https://www.sec.gov/Archives/edgar/data/1824502/000110465921099461/tm218061-15_s4a.htm)
Source location: Certain relationships and related-party transactions: founder notes, 2019 notes, seed and Series A financings; preferred-stock conversion terms.

### notes2 — 2019 convertible notes

Date: 2019
Event type: Convertible debt

Marc Lore supplied $3 million and the two founders $1 million each. Principal and interest converted in the Series A.

Reported capital or financing: $5 million principal

Source: [Final amended 2021 Form S-4](https://www.sec.gov/Archives/edgar/data/1824502/000110465921099461/tm218061-15_s4a.htm)
Source location: Certain relationships and related-party transactions: founder notes, 2019 notes, seed and Series A financings; preferred-stock conversion terms.

### a — Series A financing

Date: 2020-07
Event type: Preferred equity

July–October: 41,872,399 cash-purchased shares at $1.2046; 4,395,023 additional shares arose from note conversion.

Reported capital or financing: $50.4 million cash purchase price

Reported price: $1.2046 per preferred share

Source: [Final amended 2021 Form S-4](https://www.sec.gov/Archives/edgar/data/1824502/000110465921099461/tm218061-15_s4a.htm)
Source location: Certain relationships and related-party transactions: founder notes, 2019 notes, seed and Series A financings; preferred-stock conversion terms.

### merger — Atlas Crest combination closes

Date: 2021-09-16
Event type: SPAC closing

Gross proceeds of $857.6 million included $600 million PIPE. Final legacy-common exchange ratio: 1.00656519.

Reported capital or financing: $857.6 million gross

Source: [2021 Form 10-K](https://www.sec.gov/Archives/edgar/data/1824502/000162828022006078/achr-20211231.htm)
Source location: Note 3: closing September 16, 2021; final exchange ratio 1.00656519 and recapitalization.

Source: [Business combination closing announcement](https://investors.archer.com/news/news-details/2021/Archer-Aviation-Announces-Closing-of-Business-Combination-with-Atlas-Crest-Investment-Corp--to-Become-A-Publicly-Traded-Company/default.aspx)
Source location: September 16, 2021: $857.6 million gross proceeds including $600 million PIPE; trading September 17.

### listing — ACHR begins NYSE trading

Date: 2021-09-17
Event type: Public listing

Public trading followed the merger; the SPAC financing is not a conventional operating-company IPO.

Source: [Business combination closing announcement](https://investors.archer.com/news/news-details/2021/Archer-Aviation-Announces-Closing-of-Business-Combination-with-Atlas-Crest-Investment-Corp--to-Become-A-Publicly-Traded-Company/default.aspx)
Source location: September 16, 2021: $857.6 million gross proceeds including $600 million PIPE; trading September 17.

## Documented share calculations

### seed — Seed preferred

Starting price: 0.33 USD per starting share
Starting date or context: Nov–Dec 2019 · issuance period

Base conversion: 1.00656519 common-share equivalents per starting share, before dated public splits

Each preferred share became one legacy common share, then 1.00656519 public shares at closing. This uses the final closing ratio, not a proposed ratio from an earlier S-4.

Public trading begins: 2021-09-17
Supported ending dates begin: 2021-09-17
Share basis reviewed through: 2021-09-17

The ending share price and its date must be supplied by the user.

Formula: amount ÷ 0.33 × (1.00656519) × applicable dated public splits × ending share price. 

Source: [Final amended 2021 Form S-4](https://www.sec.gov/Archives/edgar/data/1824502/000110465921099461/tm218061-15_s4a.htm)
Source location: Certain relationships and related-party transactions: founder notes, 2019 notes, seed and Series A financings; preferred-stock conversion terms.

Source: [2021 Form 10-K](https://www.sec.gov/Archives/edgar/data/1824502/000162828022006078/achr-20211231.htm)
Source location: Note 3: closing September 16, 2021; final exchange ratio 1.00656519 and recapitalization.

### a — Series A

Starting price: 1.2046 USD per starting share
Starting date or context: Jul–Oct 2020 · issuance period

Base conversion: 1.00656519 common-share equivalents per starting share, before dated public splits

Each preferred share became one legacy common share, then 1.00656519 public shares at closing. This uses the final closing ratio, not a proposed ratio from an earlier S-4.

Public trading begins: 2021-09-17
Supported ending dates begin: 2021-09-17
Share basis reviewed through: 2021-09-17

The ending share price and its date must be supplied by the user.

Formula: amount ÷ 1.2046 × (1.00656519) × applicable dated public splits × ending share price. 

Source: [Final amended 2021 Form S-4](https://www.sec.gov/Archives/edgar/data/1824502/000110465921099461/tm218061-15_s4a.htm)
Source location: Certain relationships and related-party transactions: founder notes, 2019 notes, seed and Series A financings; preferred-stock conversion terms.

Source: [2021 Form 10-K](https://www.sec.gov/Archives/edgar/data/1824502/000162828022006078/achr-20211231.htm)
Source location: Note 3: closing September 16, 2021; final exchange ratio 1.00656519 and recapitalization.

## Later share adjustments

No separate share-class distribution is modeled.

## Coverage gaps and limitations

- Convertible-note holders had distinct terms; the share-price scenarios model cash purchases of preferred shares.

- The PIPE received additional shares in some arrangements; a flat $10 headline does not capture every investor’s economics.

- Later dilution, incentive awards, warrants, selling restrictions and corporate actions are not modeled.

Entered prices and later-date share-basis assumptions are unverified. Excludes fees, taxes, dividends, warrants and other distributions; fractional shares are illustrative. Historical investor allocations, minimums and selling rights are not established.

Methodology: https://capitaltimemachine.com/methodology

Research terms: https://capitaltimemachine.com/terms