Joby Aviation, Inc. · NYSE:JOBY
Joby Aviation — SPAC Merger (February 2021)
27 slides from Joby Aviation's SPAC merger presentation, Feb 25, 2021
Slide 1: Joby All Hands February 24, 2021
Joby All Hands February 24, 2021
Slide 2: Today's News
Today’s News
Slide 3: Slide 3
Slide 4: Taking Joby public
Taking Joby public Going public via merger with Reinvent Technology Partners Expect to raise ~$1.6 billion at $6.6 billion post money valuation Expected to fund us into commercial operation Reid Hoffman, co-founder of LinkedIn, joining board Subject to closing will be publicly traded on the NYSE No
Slide 5: Welcome Matt Field—CFO
Welcome Matt Field—CFO Currently CFO—Ford, North America Over 20 years of service to Ford, including 10 overseas in Thailand and China Leads $100 billion revenue business with more than 1,300 finance employees Father of two daughters Effective 5 March
Slide 6: Background
“Background —F ———e - —_— ——
Slide 7: Why are we going public?
Why are we going public? We are creating a new air transportation network which has the potential to transform mobility for people around the world Investors are excited about our work As a private company access to our stock has been limited to an exclusive group of large investors By becoming a pu
Slide 8: SPAC and PIPE definitions
SPAC Special Purpose Acquisition Company A SPAC is a way for a company to go public with less risk and more clarity. PIPE Private Investment in Public Equity Our transaction involves merging with a SPAC and raising additional capital from PIPE investors.
Slide 9: How does a SPAC work?
Investor Support How does a SPAC work? Joby $910M $5B SPAC $690M + + = Large investors Publicly listed Operating Company SPAC (PIPE) company A collection of large public market investment firms 5B market cap at $35/share RTP—Public company focused on investing in long $6.6B market cap at (143m share
Slide 10: Why did we choose Reinvent?
Why did we choose Reinvent? We are building a transportation network Reid Hoffman is incredibly thoughtful about building networks Venture capital at scale Unprecedented long term alignment: up to 5 year lock-up and price-based vesting, with some shares not vesting until $50 per share (~$30 billion
Slide 11: Equity: what does this mean for me?
Equity: what does this mean for me? Your Joby private equity converts to Joby public equity Options will remain options, RSUs will remain RSUs, vesting remains the same Your option or RSU value remains the same via a conversion factor of 3.51* Valuation is ~$35.10 share before close and $10 share af
Slide 12: Illustrative Example: RSU conversion
Illustrative Example RSU conversion 1 to 3.51* 3,510 RSUs 1,000 RSUs now $35.10 share price x $10 share price post close 1,000 RSUs $35,100 value 3,510 RSUs $35,100 value* Option conversion 1 to 3.51* — with spread substantially the same 3,510 options x $9.145* 1,000 options now $35.10 share price p
Slide 13: Lockups: Major Investors committed for long term
Lockups: Major Investors committed for long term 20% of Reinvent + +20% of Reinvent + +20% of Reinvent + ~120 Days to Major Investors + Major Investors + Major Investors + de-SPAC JoeBen & Paul JoeBen & Paul JoeBen & Paul & List on NYSE lockup ends lockup ends lockup ends 180 days 2 years 4 years Li
Slide 14: Best Practices: Working for a public company
BEST PRACTICES Working for a public company Example: It’s exciting to go public Stay focused on the long game (don’t obsess over the stock price) Stick with the plan (don’t obsess over or believe in the press) The “NYT” rule
Slide 15: Example of Public Trading Volatility
Example of Public Trading Volatility Market Volatility
Slide 16: Example of Public Trading Volatility
Example of Public Trading Volatility The market may go up, the market may go down, let’s do what we do best and execute day in and day out and over the long term, the score will take care of itself. Amazon
Slide 17: Our purpose is to deliver a sustainable transportation network
Our purpose is to deliver a sustainable transportation network designed to save a billion people an hour a day
Slide 18: Slide 18
Slide 19: Please Join Us for Happy Hour
Please Join Us Hands Happy Hour this Friday, February 5:00 PM PST your favorite beverage and Joby’s investor presentation by: Paul Sciarra, Joby’s Executive man guest appearance
Slide 20: What's Next
What’s Next
Slide 21: deSPAC Period
‘deSPAC Period’ Today Bell Ringing 3—4 months Deal expected to close Q2 Rules apply immediately Expect plenty of media coverage—heads down and focus
Slide 22: The rules
The rules Trading Commenting Confidentiality Don’t Trade Only post/share Joby press releases DO NOT Share “Material Non-Public Information” Applies to you, Stick to facts (MNPI) friends & family DO NOT speculate, project, puff Limit sharing statements SEC scrutiny DO NOT spiral down comment that hav
Slide 23: Summary
Summary
Slide 24: Q&A
Q&A
Slide 25: Q&A
Q&A
Slide 26: Forward Looking Statements
Forward Looking Statements This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Reinvent Technology Partners (“RTP”) and Joby Aero, Inc. (“Joby Aviation”). These forward-looking statements general
Slide 27: Additional Information and Where to Find It
Additional Information and Where to Find It This document relates to a proposed transaction between Joby and Reinvent. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any