SAN JOSE, CA – Archer Aviation Inc. (NYSE:ACHR), a company specializing in aircraft manufacturing, has announced amendments to its corporate charter following its Annual Meeting of Stockholders held on June 21, 2024. The filing with the Securities and Exchange Commission on Thursday detailed the outcomes of the meeting, including the adoption of new bylaws and the election of directors.
The key amendment, approved by shareholders, pertains to the inclusion of new Delaware law provisions that extend liability protection to certain company officers, aligning with the current protections available to company directors. This change, alongside technical and administrative updates, was encapsulated in a Certificate of Amendment filed post-meeting on June 24, 2024.
At the Annual Meeting, stockholders with a quorum of Class A and Class B common stock also voted on several other proposals. Adam Goldstein and Oscar Munoz were elected as Class III directors, each to serve until the 2027 Annual Meeting. Moreover, PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
In advisory votes, shareholders approved the compensation of Archer Aviation's named executive officers and endorsed the annual frequency for future advisory votes on executive compensation. This decision aligns with the company's recommendation and will remain in effect until the next vote on the matter.
The approval of the Certificate of Amendment and the election outcomes are part of Archer Aviation's compliance with corporate governance practices and reflect the company's commitment to aligning its operations with shareholder interests and legal standards.
This report is based on the information provided in the press release statement and the SEC filing by Archer Aviation Inc.
In other recent news, Archer Aviation Inc. has made significant progress in the aviation industry. The company's Midnight eVTOL aircraft successfully completed a key transition flight, marking a substantial step towards commercial viability.
Archer Aviation also received its Part 135 Air Carrier & Operator Certificate from the Federal Aviation Administration (FAA), a crucial regulatory milestone that allows the company to commence commercial operations.
In financial developments, Archer reported a robust first quarter in 2024, exceeding flight test goals for its Midnight aircraft, and maintaining strong liquidity of approximately $523 million. Canaccord Genuity (TSX:CF) maintained a Buy rating on Archer Aviation, highlighting the company's international expansion and business model.
Archer also announced a joint venture with KakaoMobility, a leading taxi-hailing and ridesharing platform in Korea. The partnership aims to integrate Archer's Midnight aircraft into Kakao T for air taxi flights starting in 2026.
This is part of Archer's ongoing collaboration with the FAA and its progress towards introducing innovative urban air mobility solutions. The FAA has issued the final airworthiness criteria for Archer's Midnight aircraft, a necessary step towards achieving Type Certification for the eVTOL model.
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