⚠ AUDIT IN PROGRESS  ·  This firm's data is being independently verified across three tiers (automated · project lead · external reviewer) per SMU CGI audit framework. Not yet citable in external research until AUDIT-CLEARED.

The coalition · diffuse — moderate insider concentration dynamic + institutional thresholds

A diffuse — moderate insider concentration and the Texas threshold math.

Bottom line. Archer Aviation's ownership structure is unusual in the SB-29-era-mover cohort: the top individual holder owns 4.89% economically and approximately 22% of voting power. Archer Aviation is not a "controlled company" under NASDAQ Rule 5615(c) or under Texas SB 21's controlled-issuer definition, but the diffuse — moderate insider concentration character is central to the post-SB-29 governance narrative. For Texas's elective opt-in thresholds (§21.552(a)(3) 3% derivative standing; §21.373 $1M shareholder-proposal threshold), the institutional-coalition arithmetic is reported below — pending the 13F-family ownership snapshot for Archer Aviation as of the canonical pre-event date.

The diffuse — moderate insider concentration dynamic

Ownership snapshot (S&P Capital IQ as of 2026-04-25)

  • Adam D. Goldstein — largest individual holder: 4.89% economic stake; approximately 22% of voting power. Controller type: founder / CEO.
  • Insiders aggregate: 24.95% (Archer Aviation's filings disclose officers and directors aggregated).
  • ≥5% individual holder list: Adam D. Goldstein (4.89%).
  • Is Archer Aviation a "controlled company"? No — the top voting shareholder's stake falls below the 50% threshold under NASDAQ Rule 5615(c) and Texas SB 21's controlled-issuer definition. The firm's voting concentration is that the post-SB-29 narrative treats as load-bearing.

The diffuse — moderate insider concentration dynamic creates a power asymmetry standard event-study identification doesn't directly model: the marginal trader does not fully set price when a diffuse — moderate insider concentration could credibly deliver a discontinuous corporate action (e.g., another redomiciliation, a take-private, a special dividend). The /stress_tests page documents how this asymmetry interacts with the Day-0 abnormal-return tests.

The institutional coalition — pending 13F snapshot

Pending verification — 13F-family ownership snapshot for Archer Aviation

The coalition arithmetic below requires the canonical 13F-family ownership snapshot (S&P Capital IQ Public Ownership Detailed) as of Archer Aviation's pre-event date. Pending that snapshot, the standard fields are shown with [DATA PENDING] placeholders.

Measure Archer Aviation value
Total 13F-family filers in the universe[DATA PENDING]
Filers individually exceeding the §21.373 $1M threshold[DATA PENDING]
Two-holder combinations clearing the §21.552(a)(3) 3% derivative threshold[DATA PENDING]
Vanguard + BlackRock + State Street combined %[DATA PENDING]
Position-date breakdown[DATA PENDING]
Top voting shareholder stake4.89% (largest voting holder)

The "do thresholds matter for Archer Aviation?" question

Two conditions independently matter: (1) has Archer Aviation opted into SB 29 / SB 1057 thresholds (see /statutes)? (2) If Archer Aviation has opted in, can the institutional coalition clear the thresholds? Both conditions resolve before the coalition-arithmetic argument carries weight. In the cross-firm cohort, the ExxonMobil canonical demonstrates the pattern: even where a firm opts into the 3% derivative threshold, the existing institutional shareholder base can clear it via two-holder coalitions. Archer Aviation's coalition math will follow the same procedure once the 13F snapshot is pulled.

The diffuse — moderate insider concentration dynamic complicates the coalition analysis in a way that ExxonMobil's diffuse-shareholder profile did not: Top-holder concentration ~[DATA PENDING — voting %] voting power is not a coalition member; it is a counterweight to coalitions. The cross-firm placebo on /evidence reports how Archer Aviation ranks among the 21-firm placebo distribution; the comparator is informative even before the per-firm event-study runs.

Primary sources

Ownership data

  • S&P Capital IQ Public Ownership Detailed (proprietary; snapshot dated 2026-04-25) — ticker Archer Aviation
  • Archer Aviation DEF 14A 2024 — Beneficial Ownership table
  • Archer Aviation 13D/G filings on EDGAR

Full Bluebook-format citations in SOURCES.md.