Archer Aviation says its enterprise value has been cut by $1B

Electric aircraft startup Archer Aviation’s enterprise value has been cut by $1 billion to $1.7 billion as part of a revised deal, Archer and blank-check firm Atlas Crest Investment said on Thursday.

The move comes at a time of growing regulatory concerns over blank-check firms or special-purpose acquisition companies (SPACs) taking many companies, often loss-making or even without revenue, public at too-high valuations. SPACs allow investors to list a shell company on public markets before they have identified a business to buy, which provides a speedier alternative to a traditional initial public offering route.