Archer tanks 12% after air taxi maker sells additional 85 million shares, buys LA-area airport

Core Insights - Archer Aviation's stock fell 12% following a share sale despite reporting a narrower-than-expected third-quarter loss [1] - The company reported a net loss of $129.9 million, which was better than the FactSet estimate of a $178.6 million loss [1] - Archer announced a $650 million stock offering for 81.25 million shares to finance its $126 million acquisition of Hawthorne Airport in Los Angeles, designated as a hub for air taxi operations [1] Company Summary - The stock offering will dilute the value for existing shareholders, with the weighted average of Archer shares outstanding increasing to approximately 660.9 million from 397.5 million a year ago [2] - Interest in electric aircraft manufacturers has surged recently as key players approach certification, highlighted by Beta Technologies going public on the NYSE [2]