Founder convertible notes
$600,570 principal
Founder-affiliated entities supplied $300,285 each; the notes converted into seed preferred shares in November 2019.
Aviation · ACHR
Archer Aviation
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.
01 / YOUR SCENARIO
Choose your starting point.
Starting price: $0.33 · Nov–Dec 2019 · issuance period
1.00656519 ACHR share equivalents per starting share at your ending date.
Uses documented share adjustments through 2021-09-17. Assumes the share basis remains comparable after that date; other distributions are excluded.
DOCUMENTED PRIVATE PRICE → YOUR PRICE
Archer AviationACHR · Seed preferred
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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.
Formula: amount ÷ $0.33 × 1.00656519 × ACHR ending price.
Final amended 2021 Form S-4 ↗2021 Form 10-K ↗Illustrative paper value; no sale or access to a historical investment is assumed. Excludes fees, taxes, cash dividends, warrants and other distributions; fractional shares assumed. An entered ending price is unverified.
THE STORY & THE EVIDENCE
Archer Aviation: before the public market.
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.
SPAC merger6 sourced milestones2 documented share scenarios
- Convertible debt
- Preferred equity
Seed preferred financing
$5.4 million cash purchase price$0.33 per preferred share
November–December: 16,363,635 cash-purchased shares at $0.33, plus 1,829,880 shares from note conversion.
- Convertible debt
2019 convertible notes
$5 million principal
Marc Lore supplied $3 million and the two founders $1 million each. Principal and interest converted in the Series A.
- Preferred equity
Series A financing
$50.4 million cash purchase price$1.2046 per preferred share
July–October: 41,872,399 cash-purchased shares at $1.2046; 4,395,023 additional shares arose from note conversion.
- SPAC closing
Atlas Crest combination closes
$857.6 million gross
Gross proceeds of $857.6 million included $600 million PIPE. Final legacy-common exchange ratio: 1.00656519.
- Public listing
ACHR begins NYSE trading
Public trading followed the merger; the SPAC financing is not a conventional operating-company IPO.
What the records do not establish
- 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.
Research reviewed 2026-09-24. Selected public records, not a complete private cap table. An undisclosed price is left unknown.
Open this company’s sourced data (JSON) ↗
Source documents & filing locations
Final amended 2021 Form S-4 ↗
Certain relationships and related-party transactions: founder notes, 2019 notes, seed and Series A financings; preferred-stock conversion terms.
2021 Form 10-K ↗
Note 3: closing September 16, 2021; final exchange ratio 1.00656519 and recapitalization.
Business combination closing announcement ↗
September 16, 2021: $857.6 million gross proceeds including $600 million PIPE; trading September 17.