Boeing transaction swaps dilution for runway and revenue Archer liquidity ≈ 1.7–2 yrs runway ~$1.56B liquidity net cash burn ~$215M per quarter Share register ~19.75% new per-share value near $11 targets below-$11 raises share-for-assets swap Wisk SkyGrid Insitu >$200M/yr Insitu also adds defense backlog revenue stream Boeing strategic holder ~19.75% new shares Wisk · SkyGrid · Insitu offsets the burn → year-end closing gate gate deal closes by year-end shorter path to cash breakeven deal slips · burn continues further dilutive raises below $11 · per-share value down