Reinvent Technology Partners today scheduled an Aug. 5 meeting for shareholders to vote on the SPAC’s proposed merger with Joby Aviation, , a transportation company developing an all-electric, vertical take-off and landing aircraft.
The deal would give the combined enterprise a a market capitalization of $6.6 billion. Joby intends to begin operations as a commercial passenger aircraft in 2024.
Joby would receive up to $690 million in proceeds from Reinvent’s cash in trust and an $835 million PIPE at $10 per share, and will also convert a $75 million convertible note into common stock at a $10 per share value. The PIPE is led by strategic and institutional investors including The Baupost Group, funds and accounts managed by BlackRock, Fidelity Management & Research and Baillie Gifford. Existing Joby shareholders have agreed to roll 100 percent of their equity into the new company and will remain majority owners. Read more.