Archer Aviation Stock Surges 24.6% Amid Boeing Acquisition Deal

Archer Aviation's stock price surged 24.6% in August, outperforming major indices such as the S&P 500 and Nasdaq Composite.

The company's valuation got a boost following news that it had entered into an agreement to purchase three subsidiaries from Boeing: Wisk Aero, SkyGrid, and Insitu.

Wisk is a long-time player in the eVTOL space with over 1,700 test flights under its belt. SkyGrid provides air-traffic management solutions, while Insitu designs and manufactures drones and related software and services.

In exchange for these three businesses, Boeing will receive a 16.75% stake in Archer Aviation through the creation of newly issued shares.