Archer Aviation descends on $850 mln direct stock deal

** Archer Aviation's ACHR shares down 14.1% at $10.08 premarket after direct follow-on

** San Jose, California-based air-taxi maker late Thurs said it raised $850 mln in funding following executive orders signed by U.S. President Donald Trump

** Co sold 85 mln shares in registered direct offering at $10, which represents ~14.7% discount to stock's last close

** New capital raise brings co's total liquidity to approx $2 bln

** Co said intends to use net offering proceeds for general purposes, with focus on build out of commercial capabilities, including infrastructure to support recently announced initiatives, and development of an AI-based aviation software platform

** With ~549 mln shares outstanding as of May 6, per most recent SEC filing, co has $6.4 bln market cap through Thurs

** Moelis & Co MC is sole placement agent for the offering

** Through Thurs, ACHR shares up 20% YTD. Stock closed at $3.27 a year ago

** 7 of 9 analysts rate ACHR "buy", rest rate "hold" and median PT is $13, according to LSEG data