Technology partners

Joby Aviation Announces Closing of Business Combination with Reinvent Technology Partners to Become a Publicly Listed Company – sUAS News

Joby Aviation, Inc. (“Joby” or the “Company”), a California-based company that develops all-electric aircraft for air ride sharing, today announced that Joby Aero, Inc. has completed its business combination previously announced with Reinvent Technology Partners (“RTP”) (NYSE: RTP), a special-purpose acquisition firm that takes a “large-scale venture capital” approach to partnering with bold leaders and companies. Upon completion of the transaction, RTP changed its name to “Joby Aviation, Inc.” Joby’s common stock and warrants will begin trading on the New York Stock Exchange (“NYSE”) on August 11, 2021, under the ticker symbols “JOBY” and “JOBY WS”, respectively.

“Aviation connects the world in a hugely important way, but today it does so at the expense of our planet,” said JoeBen Bevirt, Founder and CEO of Joby. “By making Joby public, we have the opportunity to give aviation a renaissance, making emission-free flying a part of everyday life. It’s our generation’s moment of the moon, and at Joby, we’re proud to stand behind each other.

Reid Hoffman, co-founder of LinkedIn and co-chief executive of RTP, added: “With its cutting-edge technology, we believe Joby is ‘Tesla meets Uber in the air’ and the undisputed leader in eVTOL and air carpool space. We believe Joby is well positioned with capital to be the first company to achieve certification and commercialization. The closing of this business combination accelerates Joby’s roadmap, and we look forward to supporting JoeBen and Joby’s world-class team in realizing their vision.

Joby’s leadership in the sector is reflected in:

  • Technological advantage
  • Progress towards certification
  • Key strategic partnerships

This transaction values ​​Joby at $4.5 billion in enterprise value, with proceeds raised plus cash on the balance sheet as of March 31, 2021 equaling approximately $1.6 billion. Proceeds are expected to fund Joby through initial business operations.

To commemorate the completion of the business combination, Joby will ring the NYSE opening bell at 9:30 a.m. ET on August 11, 2021. A live stream of the event and replay can be accessed by visiting https://www.nyse.com/bell. The company’s groundbreaking eVTOL aircraft will be on display outside the NYSE between 8:30 a.m. and 11:30 a.m. ET on August 11, 2021. Members of the public are warmly welcome to view the aircraft.

Advisors

Morgan Stanley & Co. LLC and Allen & Company LLC served as placement agents in connection with the PIPE transaction. Morgan Stanley & Co. LLC and Allen & Company LLC served as financial advisors to Joby, and Latham & Watkins LLP served as legal advisor. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to RTP.

About Joby

Joby Aviation, Inc. is a California-based transportation company developing an all-electric vertical take-off and landing aircraft that it intends to operate as a fast, quiet, and convenient air taxi service at from 2024. The plane, which has a range of 150 miles on a single charge, can carry a pilot and four passengers at speeds of up to 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transport. Founded in 2009, Joby employs more than 800 people, with offices in Santa Cruz, San Carlos and Marina, California, as well as Washington DC and Munich, Germany. To learn more, visit www.jobyaviation.com.

About Reinvent Technology Partners

Reinvent Technology Partners is a special purpose acquisition firm led by Reid Hoffman, Mark Pincus and Michael Thompson that takes a “scaled venture capital” approach. RTP was created to help a technology company innovate and achieve entrepreneurship at scale by leveraging its team’s operational expertise as founders of iconic technology companies, their experience building as advisors and members of the board of directors, and the capital it has raised.