Electric vertical takeoff and landing vehicle startup Joby Aviation has initiated a public offering to sell up to $200 million in shares of its common stock, as detailed in a recent regulatory filing. The company aims to utilize the proceeds, along with existing cash, to support its certification and manufacturing efforts, prepare for a commercial launch in 2025, and cover general working capital needs.
Key Details:
- Additional Shares: Joby plans to grant underwriters a 30-day option to purchase an additional $30 million worth of shares.
- Commercial Launch Plans: The company is set to launch air taxis in urban areas such as New York City, Los Angeles, Dubai, and Abu Dhabi, partnering with Delta Air Lines and Uber.
- Defense Contract: Joby holds a $55 million contract with the Department of Defense, underscoring its commitment to diverse applications of its technology.
- Certification Process: Before launching its services, Joby must complete a type certification process to ensure that its aircraft meet safety and airworthiness standards.
This public offering follows a significant investment of $500 million from Toyota earlier this month and comes at a pivotal time as the Federal Aviation Administration has recently established guidelines for eVTOL operations in U.S. airspace. Joby has raised approximately $2.6 billion to date, reflecting strong investor interest in the burgeoning eVTOL sector
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