NEW YORK, August 06, 2021– (BUSINESS WIRE) – Reinvent Technology Partners (“RTP”) (NYSE: RTP), a special-purpose acquisition company that takes a “venture capital” approach to partnering with courageous executives and corporations, announced at its extraordinary general meeting of shareholders of RTP today for the approval and acceptance of the previously announced business combination with Joby Aviation, Inc. (“Joby”), a transportation company that is developing an all-electric, vertically take-off and landing aircraft that will serve as a commercial aircraft from 2024.
The formal results of the voting will be included in an updated report on Form 8-K filed by RTP with the Securities and Exchange Commission (the “SEC”).
The business combination is expected to close on August 10, 2021, subject to the satisfaction or waiver of customary closing conditions. Upon completion of the business combination, RTP will change its name to Joby Aviation, Inc. and Joby Aviation, Inc. stock and warrants are expected to trade on the New York Stock Exchange under the ticker “JOBY” and “JOBY WS”, respectively.
This transaction values Joby at an enterprise value of $ 4.5 billion. The proceeds from this transaction plus cash on balance sheet as of March 31, 2021 are approximately $ 1.6 billion.
Commenting on the successful outcome of the vote, JoeBen Bevirt, Founder and CEO of Joby said: “We are honored that the shareholders of RTP have decided to overwhelmingly support this transaction. These additional funds will ensure Joby continues to be the best funded. ”Companies in this sector and, more importantly, we believe they are providing the funds necessary to make our plan happen. We look forward to the next one To take a step on our way to achieve emission-free ride-sharing in the air and to strengthen Joby’s position as the market leader in this new field. “
About Joby Aviation
Joby Aero, Inc. is a California-based transportation company developing an all-electric vertical take-off and landing aircraft to operate as part of a fast, quiet, and convenient air taxi service from 2024 that has a range of 150 miles on a single charge, one can Transport pilots and four passengers at speeds of up to 300 miles per hour. It is designed to offer people a revolutionary new way to get around cities as an alternative to congested land transportation while accelerating the transition to sustainable transportation. Joby was founded in 2009 and has more than 800 employees with offices in Santa Cruz, San Carlos and Marina, California, as well as Washington DC and Munich, Germany. To learn more, visit www.jobyaviation.com.
About Reinvent Technology Partners
Reinvent Technology Partners is a newly formed, purpose-built acquisition company led by Reid Hoffman, Mark Pincus and Michael Thompson, that takes a “venture capital scale” approach to working with brave executives and corporations. RTP will help a technology company innovate and do business at scale by leveraging its team’s operational expertise as founders of iconic tech companies, company building experience as consultants and board members, and capital raised through its IPO uses.
This press release contains certain forward-looking statements within the meaning of US securities laws relating to the proposed transaction between RTP and Joby Aero, Inc. (“Joby Aviation”). These forward-looking statements are generally identified by the words “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity”, “plan” “,” may, “” should, “” will, “” would, “” will be, “” will continue, “” will likely result “and similar expressions. Forward-looking statements are predictions, forecasts and other statements about future events Based on current expectations and assumptions, and therefore subject to risks and uncertainties, many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the risk that the transaction is not completed on time or at all, which may adversely affect the price of RTP’s securities, (ii) the risk that the transaction will not be completed by the deadline for the company merger can be completed by RTP and the potential failure to obtain an extension of the time limit for the business combination if RTP requests (iii) failure to comply with the terms of the closing of the Transaction, including the acceptance of the Agreement and the Prospectus dated February 23, 2021 (the “Merger Agreement”), by and between RTP, Joby Aviation, and RTP Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of RTP, by RTP’s shareholders, compliance with the minimum escrow account amount following redemptions by RTP’s public shareholders and obtaining certain state and regulatory approvals, (iv) the lack of third party evaluation in determining whether or not to proceed with the Transaction, (v) the inability to complete the PIPE investment related to the Transaction, ( vi) the occurrence of an event, change orother circumstances that could lead to the termination of the Merger Agreement, (vii) the effects of the announcement or pendency of the Transaction on the relationships, results of operations and business of Joby Aviation in general, (viii) the risks that the proposed transaction will affect current plans interferes with and operation of Joby Aviation and potential difficulties in retention of Joby Aviation as a result of the Transaction, (ix) the outcome of legal proceedings that may be brought against Joby Aviation or RTP in connection with the Merger Agreement or Transaction, (x) the ability To maintain the listing of RTP’s securities on a national stock exchange, (xi) the price of RTP’s securities can be volatile due to a variety of factors including changes in the competitive and highly regulated industries in which RTP wishes to operate or Joby Aviation operates, differences in operational performance between competitors, changes in laws and regulations affecting the business of RTP or Joby Aviation, and changes in the combined capital structure, (xii) the ability to execute business plans, projections and other expectations after the transaction is complete and to identify additional opportunities and realize, and (xiii) the risk of downturn and a changing regulatory landscape in the highly competitive aviation industry. The above list of factors is not exhaustive. You should consider the foregoing factors and the other risks and uncertainties set out in the “Risk Factors” section of the RTP Annual Report on Form 10-K for the Fiscal Year Ended 31st (File Number 333-254988) and other documents that RTP may use from time to time filed 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 only apply at the time of their publication. Readers are cautioned not to place undue reliance on forward-looking statements and RTP and Joby Aviation undertake no obligation and do not intend to update or revise these forward-looking statements as a result of new information, future events or otherwise. Neither RTP nor Joby Aviation make any representations that either RTP or Joby Aviation or the combined company will meet their expectations.
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