Reinvent Technology Partners Y shareholders voted in favor of the business combination agreement with self-driving company Aurora.
The deal is expected to close today, subject to the satisfaction or waiver of closing conditions.
The SPAC in a subsequent 8-K filing said 75,458,911 shares were redeemed, a surprising development as shares hovered consistently around $10 up through the Oct. 29 redemption deadline. The filing also notes that Aurora agreed to waive the minimum cash condition in order to seal the deal.
Announced in July, the combined company was originally expected to have approximately $2.5 billion in cash at closing, including up to approximately $977.5 million of cash held in Reinvent’s trust from its March IPO, which assumed no redemptions, as well as a $1 billion PIPE.
After giving effect to the redemptions, the SPAC would have closer to $222 million left in trust.
Aurora Innovation stock and warrants are expected to begin trading tomorrow on the Nasdaq under AUR and AUROW. Read more.
