(Reuters) -Electric aircraft startup Archer’s pro forma enterprise value has been cut to $1.7 billion from $2.7 billion as part of a revised deal, Archer and blank-check firm Atlas Crest Investment Corp said on Thursday.
Archer, which makes electric aircraft with vertical take-off and landing, said in February it would go public through a merger deal with Atlas.
The combined company is still expected to receive about $1.1 billion of gross proceeds as part of the deal, Archer and Atlas said.
Archer also appointed Oscar Munoz, former United Airlines chief executive officer, to the company’s board.
Archer has previously said it had an order from United Airlines worth $1 billion and an option for an additional $500 million of aircraft.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Shailesh Kuber)
