10:00 AM EDT, 08/13/2024 (MT Newswires) -- Archer Aviation ( ACHR ) has signed an agreement with Future Flight Global for the purchase of as many as 116 electric vertical take off and landing aircraft worth up to $580 million, the companies said Tuesday.

The companies said they were working to formalize definitive agreements covering the aircraft purchases and strategic operating alliance, with nearly $5 million pre-delivery payments planned on completion.

The agreement is focused on deploying Archer's Midnight aircraft in markets including Southeast Asia, Europe and the Middle East, the companies said.

Archer shares were nearly 1% lower in recent trading.

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