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.
ADVISORS
- 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.
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...
At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...