Business
Aurora Closes Business Combination with Over $1.8 Billion in Gross Proceeds and Cash on Hand
Company to Begin Trading on November 4 on Nasdaq Under Ticker Symbol “AUR” Proceeds raised plus cash on balance sheet are expected to fund Aurora through
About this update from Aurora Innovation, Inc.
[{"type":"text","content":"\nCompany to Begin Trading on November 4 on Nasdaq Under Ticker Symbol “AUR”\n\nProceeds raised plus cash on balance sheet are expected to fund Aurora through commercialization milestone and into 2024\n\nProceeds from the business combination represent the largest-ever autonomous vehicle or robotics company primary raise in a go-public transaction\n\n PITTSBURGH--(BUSINESS WIRE)--\nSelf-driving technology company Aurora today announced it has completed its business combination with Reinvent Technology Partners Y, a special purpose acquisition company. The business combination was approved by Reinvent Technology Partners stockholders in a special meeting held on November 2, 2021 and formally closed on November 3, 2021. Aurora’s Class A common stock and warrants will begin trading tomorrow on the Nasdaq under the ticker symbol \"AUR” and “AUROW,” respectively.\n\n“Today marks a significant milestone for Aurora and the self-driving industry as we revolutionize transportation – making it safer, increasingly accessible, and more reliable and efficient than ever before,” said Chris Urmson, Co-Founder and Chief Executive Officer of Aurora. “With our expert team, deep industry partnerships, and cutting-edge technology, Aurora is the company to deploy the Aurora Driver at scale across both autonomous trucking and passenger mobility. As a public company, we’ll accelerate the work we’re doing to deliver the benefits of self-driving technology safely, quickly, and broadly.”\n\nInvestors include funds and accounts managed by Counterpoint Global (Morgan Stanley), PRIMECAP Management Company and XN, Baillie Gifford, funds and accounts advised by T. Rowe Price Associates, Inc., Fidelity Management & Research Company LLC, Canada Pension Plan Investment Board, Reinvent Capital, Index Ventures, Sequoia Capital, Uber, PACCAR, and Volvo Group.\n\nAurora Driver: Built for commercialization\n\nAurora’s flagship product, the Aurora Driver is designed to enable any vehicle platform, from Class 8 trucks to passenger vehicles, to move safely and efficiently through the world without a human driver. Aurora plans to launch its autonomous commercial trucking business Aurora Horizon by late 2023, followed by its driverless ride-hailing business, Aurora Connect, in 2024. Aurora’s Driver-as-a-Service business model will offer fleet owners the ability to purchas...