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Archer Aviation Inc. (NYSE:ACHR), currently trading at $10.51 with a market capitalization of $1.83 billion, announced that Mark Mesler has stepped down from his position as Chief Financial Officer, effective Monday. The company has shown remarkable performance with a 135% return over the past year, according to InvestingPro data. According to a statement from the company, Mr. Mesler had been on medical leave since September 2024. During his absence, Priya Gupta has served as Chief Financial Officer and acting principal financial officer and will continue in these roles. Harsh Rungta will also remain as Senior Vice President, Finance and Chief Accounting Officer and principal accounting officer. The transition comes as the company maintains a strong financial position, with more cash than debt on its balance sheet and a healthy current ratio of 15.8.
In connection with Mr. Mesler’s departure, Archer Aviation has entered into a transition agreement with him. Under the agreement, Mr. Mesler will receive a one-time cash payment equal to nine months of his base salary plus three months of his target annual bonus. The agreement also provides for accelerated vesting of certain outstanding time-based restricted stock units that were scheduled to vest over the same period. The company stated that the full text of the transition agreement will be filed as an exhibit to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.
This information is based on a press release statement included in a filing with the Securities and Exchange Commission.
In other recent news, Archer Aviation has been the focus of several developments. The company successfully completed its first test flight of the Midnight eVTOL aircraft at Al Bateen Executive Airport in Abu Dhabi, which evaluated the aircraft’s performance under challenging environmental conditions. This test is part of Archer’s Launch Edition commercialization program with Abu Dhabi Aviation, aiming to establish air taxi services in the region. Canaccord Genuity has reiterated its Buy rating with a $13.00 price target, highlighting Archer’s plans to expand its aircraft production rate to two units per month by the end of the year. Additionally, Cantor Fitzgerald maintained an Overweight rating and a $13.00 price target following the successful test flight. Archer is working towards commercial deployment in the UAE and plans to expand testing operations in the region. The company also aims to produce six type-conforming aircraft for FAA pilots to operate during Type Inspection Authorization trials. Meanwhile, Tradr ETFs launched leveraged funds for quantum computing stocks and recently introduced leveraged ETFs for Archer Aviation.
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