Air Taxi Start-Up Joby to Go Public Via SPAC Deal
Air taxi start-up Joby Aviation will go public via a merger with Reinvent Technology Partners (NYSE: RTP), a special purpose acquisition company (SPAC) backed by Reid Hoffman, co-founder of Microsoft's LinkedIn, and Zynga co-founder Mark Pincus.
Joby has spent more than a decade developing piloted electric passenger aircraft capable of vertical takeoffs and landings. The craft has more than 1,000 test flights conducted to date, and the company hopes to begin air taxi services in 2024.
Terms of the deal value the combination at $6.6 billion, with Joby set to take in about $1.6 billion in gross proceeds. That includes funding from a group of investors including Uber Technologies (NYSE: UBER), the Baupost Group, and funds managed by BlackRock (NYSE: BLK), Fidelity, and Baillie Gifford.
Source Fool.com
