Joby Aviation Seeks $202 Million in Funding to Advance Certification and Manufacturing of Electric Air Taxis
Joby Aviation (JOBY), a leader in the development of electric vertical take-off and landing (eVTOL) aircraft for passenger use, announced the pricing of a public offering of 40 million shares of its common stock at $5.05 per share. The offering is expected to generate gross proceeds of approximately $202 million before underwriting discounts, commissions, and other associated expenses. Joby has also granted underwriters a 30-day option to purchase an additional 6 million shares at the same offering price, which could further increase funds if exercised.
The raised capital will primarily support Joby’s certification and manufacturing efforts as the company progresses toward launching its electric air taxi services. Joby also plans to use the funds to prepare for commercial operations, with some proceeds allocated toward working capital and general corporate purposes. The offering is expected to close on October 28, 2024, subject to standard closing conditions.
Morgan Stanley and Allen & Company LLC are managing the transaction as joint book-running managers, handling underwriting and investor communications. This offering follows Joby’s recent filing with the U.S. Securities and Exchange Commission (SEC) under Form S-3, which became effective upon submission on October 24, 2024. Investors can access the prospectus and additional details through EDGAR on the SEC website or directly from Morgan Stanley or Allen & Company.
This capital infusion is pivotal for Joby as it aims to be a front-runner in the urban air mobility sector. With regulatory certification a key hurdle for eVTOL operations, the funds are expected to drive Joby’s efforts to meet the rigorous requirements set by the Federal Aviation Administration (FAA). Successful certification would mark a major milestone for the company and bring it closer to offering sustainable, electric air taxi services to the public.
The urban air mobility industry is highly competitive, and Joby’s latest fundraising effort signals the company’s focus on securing its place in this emerging market. If the offering closes as expected, Joby will be better positioned to meet the technical and regulatory demands of launching its commercial services.
With this offering, Joby Aviation is signaling its commitment to achieving long-term growth through strategic funding. The investment community will watch closely as the company deploys these funds to advance its commercial air taxi ambitions, paving the way for a future in which sustainable air travel is accessible to all.
You might like this article:Apogee Therapeutics’ APG777 Demonstrates Promising Longevity in Phase 1 Study, Ahead of Key 2025 Milestones