* Reinvent Technology Partners Y (RTPY) expects to complete its
business combination, subject to shareholder approval, on November
3, 2021
* Investors in the PIPE include Baillie Gifford, funds and
accounts managed by Counterpoint Global (Morgan Stanley), Fidelity
Management and Research LLC, funds and accounts advised by T. Rowe
Price Associates, Inc., PACCAR, Volvo, and Uber
* Proceeds from the business combination represent the
largest-ever Autonomous Vehicle or Robotics company primary raise
in a go-public transaction
Reinvent Technology Partners Y (“RTPY”) (NASDAQ: RTPY) today
announced that subject to RTPY shareholder approval, it expects to
complete its previously announced business combination with
self-driving company Aurora on November 3, 2021.
Aurora is building the technology and business to commercialize
self-driving at scale both in autonomous trucking and passenger
mobility. Aurora’s industry-leading partners include Toyota, Uber,
Volvo and PACCAR. The gross proceeds being raised in this
transaction plus cash on the balance sheet as of November 1, 2021,
equals approximately $1.8 billion. This additional capital is
expected to fund Aurora beyond the commercial launch of Aurora
Horizon and the Aurora Driver in 2023, and into 2024.
“We are pleased with the investor interest and support for this
transaction, and are excited about the future of Aurora’s
business,” said Mark Pincus, Co-Founder and Director of Reinvent
Technology Partners Y. “We believe Aurora will be the first to
commercialize self-driving technology at scale for the U.S.
trucking and passenger transportation markets thanks to its
world-class team, market-leading technology and industry-leading
partnerships.”
“On behalf of the entire Aurora team, we are encouraged by the
early support for this transaction and look forward to accelerating
our progress toward commercializing our self-driving technology
with the support of our partners and the Reinvent team,” said Chris
Urmson, Co-Founder and Chief Executive Officer of Aurora. “Upon the
closing, this new capital will further support our timeline toward
delivering the technology to make the movement of goods and people
safer, more reliable, and efficient.”
RTPY also announced today that the deadline for shareholders to
withdraw any election to have their shares redeemed in connection
with the Business Combination will be 5:00 p.m. Eastern Time on
Tuesday, November 2, 2021. Shareholders who wish to withdraw a
redemption request should contact RTPY’s transfer agent,
Continental Stock Transfer & Trust Company, by email at
mzimkind@continentalstock.com.
The business combination, if approved by RTPY shareholders, is
expected to close on November 3, 2021. Upon the closing of the
business combination, RTPY will change its name to Aurora
Innovation, Inc., and common stock and warrants of the combined
company are expected to begin trading on November 4, 2021 on Nasdaq
under the ticker symbols “AUR” and “AUROW,” respectively.
To invest in Aurora, individuals can buy public shares of RTPY
and hold them through the closing of the business combination, at
which time their RTPY shares will automatically convert to common
stock of the publicly listed Aurora on a 1:1 basis.
The Extraordinary General Meeting of Shareholders is scheduled
to occur on November 2, 2021 at 12:00 p.m. ET. Free copies of the
proxy statement and all relevant documents filed or that will be
filed with the U.S Securities and Exchange Commission (“SEC”) by
RTPY (when available) can also be obtained by shareholders through
the website maintained by the SEC at http://www.sec.gov. The
documents filed by RTPY with the SEC may also be obtained free of
charge at RTPY’s website at
https://y.reinventtechnologypartners.com/investor-relations or by
written request to: Reinvent Technology Partners Y, 215 Park
Avenue, Floor 11, New York, NY 10003.
About Aurora
Founded in 2017 by experts in the self-driving industry, Aurora
is on a mission to deliver the benefits of self-driving technology
safely, quickly, and broadly. To move both people and goods, the
company is building the Aurora Driver, a platform that brings
together software, hardware and data services to autonomously
operate passenger vehicles, light commercial vehicles, and
heavy-duty trucks. Aurora is backed by Sequoia Capital, Baillie
Gifford, funds and accounts advised by T. Rowe Price Associates,
among others, and is partnered with industry leaders including
Toyota, Uber, Volvo, and PACCAR. Aurora tests its vehicles in the
Bay Area, Pittsburgh, and Dallas. The company has offices in those
areas as well as in Bozeman, MT; Seattle, WA; Louisville, CO; and
Wixom, MI. To learn more, visit www.aurora.tech.
Aurora Overview
Aurora Press Kit
About Reinvent Technology Partners Y
Reinvent Technology Partners Y is a special purpose acquisition
company founded by Mark Pincus, Michael Thompson, and Reid Hoffman.
Reinvent Technology Partners Y was formed to support a technology
business to innovate and achieve entrepreneurship at scale by
leveraging its team’s operating experience as founders of iconic
technology companies, their experience building companies as
advisors and board members, and the capital raised in its initial
public offering.
Cautionary Statement Regarding Forward Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed transaction between Reinvent Technology Partners Y
(“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “continue,” “likely,” and similar
expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this document, including but not limited to: (i) the
risk that the proposed transaction may not be completed in a timely
manner or at all, which may adversely affect the price of RTPY’s
securities, (ii) the risk that the proposed transaction may not be
completed by RTPY’s business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by RTPY, (iii) the failure to satisfy the conditions to
the consummation of the proposed transaction, including the
adoption of the Agreement and Plan of Merger, dated as of July 14,
2021 (the “Merger Agreement”), by and among RTPY, Aurora and RTPY
Merger Sub Inc., a Delaware corporation and a direct wholly owned
subsidiary of RTPY, by the shareholders of RTPY, the satisfaction
of the minimum cash condition following redemptions by RTPY’s
public shareholders and the receipt of certain governmental and
regulatory approvals, (iv) the inability to complete the PIPE
investment in connection with the proposed transaction, (v) the
occurrence of any event, change or other circumstance that could
give rise to the termination of the Merger Agreement, (vi) the
effect of the announcement or pendency of the proposed transaction
on Aurora’s business relationships, operating results and business
generally, (vii) risks that the proposed transaction disrupts
current plans and operations of Aurora and potential difficulties
in Aurora employee retention as a result of the proposed
transaction, (viii) the outcome of any legal proceedings or other
disputes that may be instituted against Aurora or against RTPY
related to the Merger Agreement or the proposed transaction or
otherwise, (ix) the ability to maintain the listing of RTPY’s
securities on a national securities exchange, (x) the price of
RTPY’s securities may be volatile due to a variety of factors,
including changes in the competitive and highly regulated
industries in which RTPY plans to operate or Aurora operates,
variations in operating performance across competitors, changes in
laws and regulations affecting RTPY’s or Aurora’s business and
changes in the combined capital structure, (xi) the ability to
implement business plans, forecasts, and other expectations after
the completion of the proposed transaction, and identify and
realize additional opportunities, and (xii) the risk of downturns
and a changing regulatory landscape in the highly competitive
self-driving industry. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk
Factors”section of RTPY’s registration statement on Form S-1 (File
No. 333-253075), its Quarterly Reports on Form 10-Q for the periods
ended March 31, 2021 and June 30, 2021, respectively, the
registration statement on Form S-4 discussed below and other
documents filed by RTPY from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and RTPY and Aurora assume no obligation and do not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Neither RTPY nor Aurora gives any assurance that either
RTPY or Aurora or the combined company will achieve its
expectations.
Additional Information and Where to Find It
This press release relates to a proposed transaction between
RTPY and Aurora. This press release is not a proxy, consent or
authorization with respect to any securities or in respect of the
proposed transaction and does not constitute an offer to sell or
exchange, or the solicitation of an offer to buy or exchange, any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. RTPY has filed a
registration statement on Form S-4 with the SEC (333-257912), which
includes a prospectus and proxy statement of RTPY, referred to as a
proxy statement/prospectus. RTPY has mailed a definitive proxy
statement/prospectus and other relevant documents to its
shareholders of record as of September 30, 2021, the record date
established for the extraordinary general meeting of shareholders
relating to the proposed transaction between RTPY and Aurora. RTPY
also will file other documents regarding the proposed transaction
with the SEC. Before making any voting or investment decision,
investors and security holders of RTPY are urged to read the
registration statement, the proxy statement/prospectus and all
other relevant documents filed or that will be filed with the SEC
in connection with the proposed transaction because they will
contain important information about the proposed transaction.
Investors and security holders will be able to obtain free copies
of the registration statement, the proxy statement/prospectus and
all other relevant documents filed or that will be filed with the
SEC by RTPY through the website maintained by the SEC at
www.sec.gov. The documents filed by RTPY with the SEC also may be
obtained free of charge at RTPY’s website at
https://y.reinventtechnologypartners.com or upon written request to
c/o Reinvent Capital, 215 Park Avenue, Floor 11 New York, NY.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211101005550/en/
MEDIA:
Aurora:
Khobi Brooklyn press@aurora.tech (415) 699-3657
Reinvent Technology Partners Y:
Ed Trissel / Scott Bisang Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
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