02:41 PM EST, 12/30/2024 (MT Newswires) -- Archer Aviation ( ACHR ) shares were down more than 8% in recent trading Monday, after the company said Friday that its shareholders approved increasing the number of authorized shares for issuance to 1.4 billion from 700 million.

The shareholders also approved issuance of shares to Stellantis (STLA) under a share purchase agreement.

Additionally, non-citizens cannot own or control more than 25% of voting stock, and any excess ownership will result in the automatic suspension of voting rights for those shares.

Price: 10.22, Change: -0.96, Percent Change: -8.55