Joby Aviation, a company focused on developing electric air taxis for commercial passenger service, has announced the pricing for its underwritten public offering of 40,000,000 shares of common stock at a public offering price of $5.05 per share, before underwriting discounts and commissions. All shares are being offered by Joby.
Additionally, Joby has granted underwriters a 30-day option to purchase up to 6,000,000 additional shares of common stock at the public offering price, minus underwriting discounts and commissions. The gross proceeds from the offering, excluding any additional shares purchased under the underwriters’ option and before deducting underwriting discounts and commissions, are anticipated to total $202 million.
Joby plans to utilize the net proceeds from the offering, along with existing cash, cash equivalents, and short-term investments, to support its certification and manufacturing initiatives, prepare for commercial operations, and cover general working capital and corporate purposes. The offering is expected to close on October 28, 2024, pending the fulfillment of customary closing conditions.
Morgan Stanley and Allen & Company LLC are serving as joint book-running managers for this offering.
A registration statement on Form S-3 related to the shares being sold in this offering was filed with the U.S. Securities and Exchange Commission (SEC) on October 24, 2024, and became effective automatically upon filing. This offering is being conducted solely by means of a prospectus. The final prospectus supplement and accompanying prospectus, once available, can be obtained for free by visiting the SEC’s EDGAR website at www.sec.gov. Alternatively, copies can be requested from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or Allen & Company LLC, Attention: Prospectus Department, 711 Fifth Avenue, New York, NY 10022.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will any sale of these securities occur in any state or jurisdiction where such offer or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.
