Joby Aviation announces $5.05 share price for public offering
- Joby Aviation is offering 40 million shares to raise essential capital for its electric air taxi project.
- The offering price is set at $5.05 per share, with potential additional shares for underwriters.
- This public offering underscores Joby Aviation's strategies to enhance its financial stability and advance its electric aviation initiatives.
On October 25, 2024, in Santa Cruz, California, Joby Aviation, Inc. announced the pricing of an underwritten public offering of common stock. The company intends to raise $202 million by offering 40 million shares at a price of $5.05 each, before underwriting discounts and commissions. In addition, the underwriters have a 30-day option to purchase up to 6 million more shares. The offering is set to close by October 28, 2024, pending customary closing conditions. Morgan Stanley and Allen & Company LLC are managing the offering, which aims to structure financial backing for Joby's development of electric air taxis aimed at providing commercial passenger services. Joby emphasizes the importance of the proceeds for its future operations and growth potential in the aviation sector, highlighting the ongoing industry shift towards sustainable transportation solutions. This offering reflects not only Joby’s commitment to pioneering electric aviation but also illustrates broader market interest in green technologies in the transportation industry.