Urban aircraft companies are lifting off to reach public markets via SPACs.
Just as consumers flocked to ridesharing apps such as Uber and Lyft for their convenience and speed, urban air taxis should allow users to avoid road congestion, public transportation schedules, and long commutes. In the case of electric vertical take-off and landing (eVTOL) aircraft, trips may even cut down on CO2 emissions.
Three small passenger aircraft startups recently announced SPAC mergers, all of which are currently pending approval. Urban helicopter service Blade Urban Air Mobility announced a proposed merger with KSL Capital's Experience Investment EXPC) in December. Two early-stage eVTOL aircraft developers announced SPAC mergers last month: Archer plans to merge with Moelis & Co.'s Atlas Crest Investment Corp. ACIC) at a $3.8 billion market cap and Joby Aviation has agreed to go public with Reid Hoffman and Mark Pincus's Reinvent Technology Partners (RTP) valuing it at $6.6 billion.
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