Autonomous Vehicle Startup Aurora targets SPAC debut with $13B valuation
Aurora Background:
Aurora Innovation, the autonomous vehicle startup that acquired Uber’s self-driving unit in December, is going public via a merger with special purpose acquisition company (SPAC) Reinvent Technology Partners Y. The company was founded in 2017 by Sterling Anderson, Drew Bagnell and Urmson, all whom have a history of working on automated vehicle technology.
What's Happening as Part of IPO?
Aurora has gone from buzzy startup to publicly traded company, via SPAC in a span of four years. The combined company, which will be listed on Nasdaq with the ticker symbol AUR, will have an implied valuation of $13 billion. Aurora was last valued at $10 billion following its acquisition of Uber’s self-driving unit.
“This is a big next step for the company,” CEO and co-founder Chris Urmson said in an interview. “Obviously we need to bring our product to the market, but we really couldn’t be more excited for our team, the resources this transaction brings and our partners.”
The combined company said it’s expected to have about $2.5 billion in cash at closing, including up to $977.5 million of cash held in Reinvent’s trust account from its initial public offering, which closed on March 18, 2021, according to regulatory filings.
0 Comments