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.
ProCap Acquisition Corp. (NASDAQ:PCAPU) has filed for a $200 million SPAC to hunt for a fintech or financial services target. The new S-1 filing was BTIG’s second of the week after a two-month break, bringing its 2025 new SPAC filings to five and the bank has so far managed to IPO five SPACs as well....
MSM Frontier Capital Acquisition Corp. (NASDAQ:MSMUU) has filed for a $225 million SPAC to search for a infrastructure target in Africa. The new SPAC will head out on this expedition with a trust that is not overfunded and units that each contain one right to a 1/8 share. It will also have 24 months to...
At the SPAC of Dawn This action-packed week in SPACs comes to an end with three more SPACs launching their IPOs, bringing it to nine on the week. And, the crypto strategy that SPACInsider noticed becoming increasingly popular among de-SPACs earlier this year has continued to gain steam. This week, edtech firm Classover (NASDAQ:KIDZ), fresh...
Cartesian Growth Corporation III (NASDAQ:CGCT) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CGCT”, Friday, May 2, 2025. The new SPAC intends to combine with a closely held private company ready to make the jump to being a market-leading transnational...
Cantor Equity Partners II, Inc. (NASDAQ:CEPT) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CEPT”, Friday, May 2, 2025. The new SPAC intends to combine with a target in the financial services, healthcare, real estate services, technology, or software industries....