Archer Aviation (NYSE: ACHR) added some much-needed cash in August, but at the expense of existing shareholders. The news had a negative impact on the stock.

Shares of Archer lost 18.5% in August, according to data provided by S&P Global Market Intelligence, as investors adjusted to a larger share count post-offering.

Archer is one of several companies working to commercialize electric vertical takeoff and landing (eVTOL) aircraft. The company's Midnight aircraft could one day ferry passengers over crowded rush-hour streets or bring passengers from the outer suburbs to airports, but for now the design is a work in progress.

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Source Fool.com