Joby Aviation, Inc. (NYSE: JOBY), the developer of electric air taxis for commercial passenger services, has announced the pricing of its public offering of 40 million shares of common stock at $5.05 per share, before underwriting fees. All shares in this offering are being sold by Joby, which has also granted underwriters a 30-day option to purchase an additional 6 million shares at the same price, minus underwriting fees. Gross proceeds from the offering are projected to reach $202 million, excluding any additional proceeds from underwriters exercising their purchase option.
Joby intends to use the net proceeds from this offering, along with existing cash and short-term investments, to support certification and manufacturing efforts, prepare for commercial operations, and for general corporate purposes. The offering is expected to close on October 28, 2024, pending customary closing conditions.
Morgan Stanley and Allen & Company LLC are serving as joint book-running managers for the offering.
The registration statement for this offering was filed on Form S-3 with the U.S. Securities and Exchange Commission (SEC) on October 24, 2024, and became effective upon filing. The offering is being conducted exclusively through a prospectus. A copy of the final prospectus supplement and accompanying prospectus, when available, can be accessed for free on the SEC’s website at www.sec.gov or requested from Morgan Stanley or Allen & Company at the addresses provided.
This press release is not an offer to sell or a solicitation to buy these securities and does not constitute any sale in jurisdictions where such offers or sales would be illegal before proper registration.
Joby Aviation, is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi, which it intends to operate as part of a fast, quiet and convenient service in cities around the world.