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Archer Aviation 's stock plummeted 12% after a share sale overshadowed a narrower-than-expected third-quarter loss.

The company posted a net loss $129.9 million, narrower than the FactSet estimate of a $178.6 million loss.

However, Archer disclosed a $650 million stock offering for 81.25 million shares to support its $126 million acquisition of Hawthorne Airport in Los Angeles as a hub for air taxi operations there. Archer was chosen as the official air taxi provider for the 2028 Olympics in Los Angeles.

The move would dilute the value of the stock for existing shareholders. The weighted average for Archer shares outstanding has grown to about 660.9 million from 397.5 million a year ago.

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