A Joby Aviation special purpose acquisition company (SPAC) merger is reportedly in the works with the blank-check company Reinvent Technology Partners (NYSE:RTP) and RTP stock is soaring.
According to recent rumors, Reinvent Technology Partners will act as the vehicle that takes flying taxi startup Joby Aviation public. This matter isn’t public yet and sources are remaining anonymous due to the confidential nature of the talks.
The recent reports claim that the talks between Joby Aviation and Reinvent Technology Partners are in the advanced stages. This could see the SPAC merger announced as early as this month.
Some of the finer details of the deal are still unknown. That includes how much Joby Aviation would be valued by the SPAC merger. What we do know is that Reinvent Technology Partners brought in $690 million from its initial public offering (IPO) last year.
We also don’t know the final details of the combined company. That includes not knowing what name it will operate under or what stock ticker it will change RTP over to. What sources do say is that the stock is still expected to trade on the New York Stock Exchange, reports Financial Times.
It’s worth pointing out that RTP has some major names behind it. The SPAC was founded by LinkedIn co-founder Reid Hoffman and Zynga (NASDAQ:ZNGA) founder Mark Pincus.
RTP stock is seeing heavy trading today following news of the possible SPAC merger with Joby Aviation. As of this writing, nearly 4 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is roughly 726,000 shares.
RTP stock was up 5.4% as of noon Friday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.