Reinvent Technology Partners said shareholders voted to approve the business combination with Joby Aviation, which is developing an all-electric, vertical take-off and landing aircraft.
Reinvent in an 8-K filing said 42,841,230 shares were redeemed ahead of the vote, more than half the SPAC’s IPO. The SPAC raised $600 million in a September IPO and had a market cap of about $750 million.
Besides the SPAC’s remaining cash in trust, the transaction includes an $835 million PIPE at $10 per share, and a $75 million convertible note that will convert into common stock at a $10 per share value.
The deal is still expected to close Aug. 10, subject to the satisfaction or waiver of customary closing conditions. Upon closing Joby Aviation shares and warrants are expected to trade on the NYSE under JOBY and JOBY WS respectively.
This transaction values Joby at a $4.5 billion enterprise value. The proceeds being raised in this transaction plus cash on the balance sheet as of March 31 equals approximately $1.6 billion, the SPAC said in a news release. Read more.