Brett Adcock - Jan 27, 2023 Form 4 Insider Report for Archer Aviation Inc. (ACHR)

Role
10%+ Owner
Signature
/s/ Brett Adcock
Stock symbol
ACHR
Transactions as of
Jan 27, 2023
Transactions value $
-$377,878
Form type
4
Date filed
1/31/2023, 05:26 PM
Previous filing
Jan 27, 2023
Next filing
May 17, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ACHR Class A Common Stock Conversion of derivative security +142K 142K Jan 27, 2023 See Footnote F2, F4
transaction ACHR Class A Common Stock Sale -$378K -142K -100% $2.66 0 Jan 27, 2023 See Footnote F3, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction ACHR Class B Common Stock Conversion of derivative security $0 -142K -0.61% $0.00 23.1M Jan 27, 2023 Class A Common Stock 142K See Footnote F1, F4
holding ACHR Class B Common Stock 4.16M Jan 27, 2023 Class A Common Stock 4.16M Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each share of the Issuer's Class B common stock is convertible into one share of the Issuer's Class A common stock at any time and will convert automatically upon certain transfers, whether or not for value, or upon the earliest to occur of: (i) September 16, 2031; (ii) the date specified in writing by the holders of two-thirds of the then outstanding shares of Class B common stock; and (iii) the date as of which the number of outstanding shares of Class B common stock represents less than 10.0% of the aggregate number of shares of Class B common stock and Class A common stock outstanding.
F2 On January 27, 2023, the reporting persons directed the sale of 142,209 shares of the Issuer's Class B common stock, resulting in the automatic conversion of the shares into 142,209 shares of the Issuer's Class A common stock.
F3 Weighted average price. These shares were sold in multiple transactions at prices ranging from $2.6100 to $2.7150 inclusive. The reporting persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the Securities Exchange Commission, upon request, full information regarding the shares sold at each separate price within the range set forth in this footnote (3) to this Form 4.
F4 The shares are held by Hight Drive Growth LLC ("Hight Drive"). Mr. Adcock is the sole managing member of Hight Drive and, as such, has voting and investment discretion with respect to the securities held directly by it.