Business
Aurora Expected to Close Business Combination with Reinvent Technology Partners Y with Over $1.8 Billion in Proceeds and Cash On Hand
* Reinvent Technology Partners Y (RTPY) expects to complete its business combination, subject to shareholder approval, on November 3, 2021 * Investors in the
About this update from Aurora Innovation, Inc.
[{"type":"text","content":"\n* Reinvent Technology Partners Y (RTPY) expects to complete its business combination, subject to shareholder approval, on November 3, 2021\n\n* Investors in the PIPE include Baillie Gifford, funds and accounts managed by Counterpoint Global (Morgan Stanley), Fidelity Management and Research LLC, funds and accounts advised by T. Rowe Price Associates, Inc., PACCAR, Volvo, and Uber\n\n* Proceeds from the business combination represent the largest-ever Autonomous Vehicle or Robotics company primary raise in a go-public transaction\n\n NEW YORK--(BUSINESS WIRE)--\nReinvent Technology Partners Y (“RTPY”) (NASDAQ: RTPY) today announced that subject to RTPY shareholder approval, it expects to complete its previously announced business combination with self-driving company Aurora on November 3, 2021.\n\nAurora is building the technology and business to commercialize self-driving at scale both in autonomous trucking and passenger mobility. Aurora’s industry-leading partners include Toyota, Uber, Volvo and PACCAR. The gross proceeds being raised in this transaction plus cash on the balance sheet as of November 1, 2021, equals approximately $1.8 billion. This additional capital is expected to fund Aurora beyond the commercial launch of Aurora Horizon and the Aurora Driver in 2023, and into 2024.\n\n“We are pleased with the investor interest and support for this transaction, and are excited about the future of Aurora’s business,” said Mark Pincus, Co-Founder and Director of Reinvent Technology Partners Y. “We believe Aurora will be the first to commercialize self-driving technology at scale for the U.S. trucking and passenger transportation markets thanks to its world-class team, market-leading technology and industry-leading partnerships.”\n\n“On behalf of the entire Aurora team, we are encouraged by the early support for this transaction and look forward to accelerating our progress toward commercializing our self-driving technology with the support of our partners and the Reinvent team,” said Chris Urmson, Co-Founder and Chief Executive Officer of Aurora. “Upon the closing, this new capital will further support our timeline toward delivering the technology to make the movement of goods and people safer, more reliable, and efficient.”\n\nRTPY also announced today that the deadline for shareholders to withdraw any election to have their ...