03:38 AM EDT, 06/13/2025 (MT Newswires) -- Archer Aviation ( ACHR ) said late Thursday it raised $850 million in a registered direct offering of 85 million shares at $10 per share.

The company said the financing came after the executive order by US President Donald Trump last week to launch a pilot program to accelerate the use of electric vertical take-off and landing aircraft in the country.

The company said it plans to use net proceeds from the offering for general corporate purposes, "with a focus on the build out of Archer's commercial capabilities."

Archer said it also plans to coordinate with the White House, Department of Transportation and the Federal Aviation Administration on Archer's plans to ramp up its operations in the US.