Archer Aviation Inc. (ACHR) shares closed flat at $6.11 on May 22. The stock successfully maintained a 5.7% surge recorded during the previous trading session.
The UAE’s aviation regulator advanced the Midnight eVTOL into its Restricted Type Certificate program. This regulatory milestone prepares the company for commercial air taxi services in Abu Dhabi. Archer remains the first eVTOL developer to complete Phase 3 of the FAA certification process.
Cathie Wood’s ARK Investment recently purchased 281,000 shares of the company. This institutional backing helps offset market concerns regarding a high-stakes legal dispute with Joby Aviation. Investors are currently weighing these commercial milestones against the company's pre-revenue cash burn and legal risks.