According to Securities Times Online, Archer Aviation (ACHR)'s stock price fell by 10% due to the company's plan to double its number of outstanding shares.
The stock price decline occurred after the company's special shareholders' meeting on December 20th. At the meeting, shareholders approved an increase in the number of authorized Class A common shares issued by the company from 700 million to 1.4 billion, and approved the issuance of Class A shares in accordance with the agreement reached with Stellantis in August. In addition, shareholders have approved provisions restricting the voting rights, ownership, and control of non-U.S. citizens to comply with federal law and set restrictions on foreign ownership.
Proofreading: Zhu Tianting