The $300 million in funding, raised through a securities purchase agreement, came from Blackrock Inc. and other leading institutional investors. The funding will be used to strengthen Archer’s financial position and allow the company to accelerate the development of its hybrid aircraft platform, particularly for defense applications.

Archer Aviation (NYSE:ACHR) shares tumbled over 13% premarket on Tuesday after the air-taxi maker said it has raised $300M in equity financing from investors, including funds and accounts managed by BlackRock (BLK),