Joby Aviation, an electric aviation company based in Northern California, is the latest futuristic mobility company to go public via a reverse merger with a special purpose acquisition or SPAC. And to celebrate, the company is releasing the first footage of its electric aircraft in flight.
Joby is backed by Toyota and has recently acquired Uber’s flying taxi division. The company is also merging with Reinvent Technology Partners, a “blank check” company run by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus. The new company, which will have a post-money valuation of $6.6 billion, will be listed on the New York Stock Exchange.
Joby, as part of the deal, will get $1.6 billion in cash; $690 million of which will come from Reinvent’s cash in trust and $835 million from private investors The Baupost Group, funds and accounts managed by BlackRock, Fidelity Management & Research LLC, and Baillie Gifford. Hoffman will join Joby’s board.
Joby Aviation goes public and reveals its electric aircraft in flight
