Shares of Joby Aviation (NYSE:JOBY) have started trading on Wall Street following the firm’s special purpose acquisition company (SPAC) merger.
Founded in 2009, Joby develops all-electric aircrafts for consumers to use like a ride-hailing platform. That said, the company has sold companies like Uber (NYSE:UBER) and Toyota Motor Corp. (NYSE:TM) “on its plan to build a new kind of passenger drone and has raised more than $700 million in private capital.” And after Wednesday’s completed SPAC merger, Joby now has more than double that figure on its balance sheet.
Collectively, Joby “aims to bring its electric vertical takeoff and landing aircraft, known in the industry as an eVTOL, into service in 2024.”
So, what are some more details of Joby and it’s SPAC merger? Let’s take a closer look.
- Joby completed its previously announced business combination with Reinvent Technology Partners (NYSE:RTP) on Wednesday.
- According to the release, RTP is “a special purpose acquisition company that takes a ‘venture capital at scale’ approach to partnering with bold leaders and companies.”
- The SPAC is led by LinkedIn co-founder Reid Hoffman and Zynga (NASDAQ:ZNGA) founder Mark Pincus.
- As already noted, the merger has allowed Joby to trade under the ticker “JOBY” on the New York Stock Exchange.
- Overall, this move values Joby at an enterprise value of $4.5 billion.
With all of that in mind, here’s what Joby founder and CEO JoeBen Bevirt had to say about the JOBY stock news.
“Aviation connects the world in critically important ways but today it does that at the expense of our planet,” said JoeBen Bevirt, founder and CEO at Joby. “By taking Joby public we have the opportunity to drive a renaissance in aviation, making emissions-free flight a part of everyday life. This is our generation’s moonshot moment, and at Joby we’re proud to be leaning in.”
JOBY stock was up more than 36% from its opening price of just above $10 on Wednesday afternoon.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Nick Clarkson is a web editor at InvestorPlace.