Reinvent Technology Partners Announces Shareholder Approval of Proposed Business Combination with Joby Aviation
Joby Aviation | August 06, 2021
Reinvent Technology Partners, a special purpose acquisition company that takes a “venture capital at scale” approach to partnering with bold leaders and companies, announced that at its Extraordinary General Meeting of Shareholders held today, RTP shareholders voted to approve and adopt the previously announced business combination agreement with Joby Aviation, Inc. a transportation company developing an all-electric, vertical take-off and landing aircraft that it intends to operate as a commercial passenger aircraft beginning in 2024.
The formal results of the vote will be included in a Current Report on Form 8-K to be filed by RTP with the Securities and Exchange Commission.
The business combination is expected to close on August 10, 2021, subject to the satisfaction or waiver of customary closing conditions. Upon the closing of the business combination, RTP will change its name to Joby Aviation, Inc. and shares and warrants of Joby Aviation, Inc. are expected to trade on the New York Stock Exchange under the ticker symbol “JOBY” and “JOBY WS,” respectively.
This transaction values Joby at $4.5 billion enterprise value. The proceeds being raised in this transaction plus cash on the balance sheet as of March 31, 2021, equals approximately $1.6 billion.
Commenting on the successful outcome of the vote, JoeBen Bevirt, Founder and CEO of Joby, said: “We’re honored that the shareholders of RTP have chosen to overwhelmingly support this transaction. These additional funds ensure that Joby continues to be the best funded company in this sector and, more importantly, we believe they deliver the required funding to execute on our plan. We now look forward to taking the next step on our journey toward making zero-emissions aerial ridesharing a reality and reinforcing Joby’s position as the leader in this new field.”
About Joby Aviation
Joby Aero, Inc. is a California-headquartered transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a range of 150 miles on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph. It is designed to enable a revolutionary new way for people to move in and around cities as an alternative to congested ground transportation while accelerating the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 800 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington D.C. and Munich, Germany.
About Reinvent Technology Partners
Reinvent Technology Partners is a newly formed special purpose acquisition company led by Reid Hoffman, Mark Pincus and Michael Thompson, that takes a “venture capital at scale” approach to partnering with bold leaders and companies. RTP will support a technology business to innovate and achieve entrepreneurship at scale by leveraging its team’s operating expertise as founders of iconic technology companies, their experience building companies as advisors and board members, and the capital raised in its initial public offering.