Archer Aviation (ACHR) Stock Up 19% in a Month as LA Olympic Plans Take Shape
TLDR
- Archer Aviation and AEG have agreed to develop a vertiport at L.A. Live in downtown Los Angeles.
- Archer will be the exclusive air-taxi provider for the 4-million-square-foot L.A. Live complex.
- The project adds to Archerโs growing LA network, which includes SoFi Stadium, USC, and Hawthorne Airport.
- Archer is the official air-taxi provider for the LA28 Olympic and Paralympic Games.
- ACHR stock has climbed about 19% in the past month, well ahead of the broader market.
Archer Aviation (ACHR) closed at $6.30 on Friday, up 3.45% on the day, as the company announced a new partnership with AEG to develop a vertiport at L.A. Live in downtown Los Angeles.
The deal makes Archer the exclusive air-taxi provider for the 4-million-square-foot sports and entertainment complex, which sits next to Crypto.com Arena and the Los Angeles Convention Center.
The agreement is structured as a multiyear deal. It adds a downtown Los Angeles anchor to a network that already includes SoFi Stadium, USC, Hollywood Burbank Airport, and Hawthorne Airport, which is planned as the central operating hub.
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