Reinvent Technology Partners Y (NASDAQ:RTPY) announced in a press release that its shareholder approved its combination with autonomous vehicle company Aurora in a special meeting held earlier today.
RTPY not disclose redemption amounts, but it traded above $10 throughout its redemption deadline October 29.
The transaction generated approximately $1.8 billion in gross proceeds, including cash on the balance sheet, and represents the largest-ever autonomous vehicle or robotics company primary raise in a go-public transaction. This additional capital is expected to fund Aurora beyond its commercial launch of Aurora Horizon and the Aurora Driver in 2023, and into 2024.
Reinvent Technology Partners Y expects to close the combination tomorrow, November 3, 2021 and will change its name to Aurora Innovation, Inc. The combined company’s common stock and warrants are expected to begin trading on Thursday, November 4 on Nasdaq under the ticker symbols “AUR” and “AUROW,” respectively.
The parties initially announced the $10.5 billion deal on July 15. Aurora is developing driverless-car technology for use in both the logistics and taxi markets with its first roll-outs slated for 2023.
- Allen & Company LLC is serving as financial advisor to Aurora.
- Wilson Sonsini Goodrich & Rosati, P.C. is acting as its legal counsel to Aurora.
- Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Reinvent and as the sole placement agent on the PIPE transaction.
- Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Reinvent.
- Sullivan & Cromwell LLP served as legal counsel to the placement agent.
- Houlihan Lokey Capital, Inc. is serving as financial advisor to the Reinvent transaction committee.
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