Archer Aviation shares plunge 40% on eVTOL certification delays and funding risks

Shares of Archer Aviation have fallen nearly 40% due to increased risks and delayed certification for their Midnight eVTOL, now expected by 2028. This delay tightens the chance to participate in the LA28 Olympics and raises concerns about funding, as their $1.8 billion liquidity only covers about 2.5 years of operations. Additional capital raises are likely needed before certification is achieved. Despite these challenges, the analyst maintains a speculative 'Buy' rating but lowers the price target to $7.79 reflecting the higher risks and delays.