Aurora Closes Business Combination with Over $1.8 Billion in Gross Proceeds and Cash on Hand

PITTSBURGH–(Small business WIRE)–Self-driving technology company Aurora these days announced it has accomplished its business enterprise

PITTSBURGH–(Small business WIRE)–Self-driving technology company Aurora these days announced it has accomplished its business enterprise mix with Reinvent Engineering Companions Y, a exclusive objective acquisition enterprise. The small business mixture was approved by Reinvent Technological know-how Associates stockholders in a unique assembly held on November 2, 2021 and formally shut on November 3, 2021. Aurora’s Course A popular inventory and warrants will get started buying and selling tomorrow on the Nasdaq underneath the ticker image “AUR” and “AUROW,” respectively.

“Today marks a significant milestone for Aurora and the self-driving industry as we revolutionize transportation – producing it safer, increasingly available, and more trustworthy and economical than ever just before,” explained Chris Urmson, Co-Founder and Chief Government Officer of Aurora. “With our specialist group, deep sector partnerships, and cutting-edge engineering, Aurora is the enterprise to deploy the Aurora Driver at scale across both autonomous trucking and passenger mobility. As a general public organization, we’ll speed up the work we’re doing to supply the added benefits of self-driving engineering properly, rapidly, and broadly.”

Traders include funds and accounts managed by Counterpoint World (Morgan Stanley), PRIMECAP Management Organization and XN, Baillie Gifford, resources and accounts recommended by T. Rowe Price Associates, Inc., Fidelity Administration & Analysis Organization LLC, Canada Pension Approach Expense Board, Reinvent Money, Index Ventures, Sequoia Cash, Uber, PACCAR, and Volvo Group.

Aurora Driver: Constructed for commercialization

Aurora’s flagship merchandise, the Aurora Driver is developed to allow any motor vehicle platform, from Class 8 vans to passenger motor vehicles, to transfer safely and securely and efficiently as a result of the entire world devoid of a human driver. Aurora strategies to launch its autonomous industrial trucking business enterprise Aurora Horizon by late 2023, adopted by its driverless trip-hailing organization, Aurora Join, in 2024. Aurora’s Driver-as-a-Services business product will offer fleet owners the skill to obtain motor vehicles run by the Aurora Driver, subscribe to use the Aurora Driver, and employ Aurora-certified fleet services partners to operate autonomous mobility and logistics products and services.

Aurora Ecosystem: The associates to deliver self-driving engineering to sector

Throughout freight and personalized mobility, Aurora is partnering with primary producers and networks like just one of the greatest transportation and logistics businesses in the earth, FedEx, the major world-wide experience hailing platform, Uber, the quantity one world-wide auto OEM, Toyota, and two of the major 3 North American OEMs in trucking, Volvo and PACCAR.

Aurora’s 2021 Development: Critical advancements towards offering self-driving technological innovation

  • Shown tangible technological development with Aurora-driven Peterbilt 579 vehicles hauling products on Texas highways for FedEx by means of Aurora’s market-initial collaboration with FedEx and PACCAR.
  • Accelerated operate with partners through the Aurora Driver Growth Application – providing the prototype of Volvo’s very first-at any time professional autonomous truck for the U.S. Industry and the very first prototype of the Aurora-Run Toyota Sienna.
  • Quickly scaled its simulation do the job for faster, safer autonomous vehicle development. Aurora expects to have driven the equal of about 9 billion simulated miles by the end of the yr – 6 billion of these in 2021 by yourself. Aurora continues to scale up its Digital Screening Suite, functioning millions of day by day assessments to quickly increase capabilities to the Aurora Driver.
  • Introduced the industry’s first revealed Basic safety Case Framework to tackle each autonomous trucking and passenger mobility, which the business thinks is an essential component for any small business preparing to provide business-all set autonomous vehicles at scale by functioning on general public roads without the need of a vehicle operator.
  • Made foundational investments in engineering, equipment studying, and artificial intelligence to speed up and reinforce progress in components, notion, simulations, mapping, forecasting, and details – helping to allow professional deployment of autonomous vehicles at scale.

“With a earth-course crew and a dedication to protection, Aurora is the leader in self-driving technological know-how,” said Mark Pincus, Co-Founder and Director of Reinvent Technologies Companions Y. “We consider Aurora is the greatest way to devote in the upcoming of self-driving throughout segments, and we glance forward to supporting Aurora as it transforms how goods and folks go by means of the globe.”

To memorialize the completion of the company mix, Aurora will ring the opening bell at Nasdaq at 9:30 a.m. ET on November 4, 2021. A are living stream of the occasion and replay can be accessed by browsing https://www.nasdaq.com/marketsite/bell-ringing-ceremony.

The community is invited to see Aurora’s vehicles and a lidar demonstration at Times Sq. on November 4, 2021, between 7:00 a.m. – 4:00 p.m. ET. Aurora will be showcasing a Peterbilt Model 579 driven by the Aurora Driver, a prototype of the Volvo VNL trucks that will be integrated with the Aurora Driver, and a Toyota “Sienna Autono-Maas (S-AM)” prototype, a hybrid electric powered platform that has been modified to be properly operated by the Aurora Driver.

Advisors

Allen & Corporation LLC is serving as money advisor to Aurora and Wilson Sonsini Goodrich & Rosati, P.C. is acting as its authorized counsel. Goldman Sachs & Co. LLC is acting as unique economic advisor to Reinvent and as the sole placement agent on the PIPE transaction, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as lawful counsel to Reinvent. Sullivan & Cromwell LLP served as lawful counsel to the placement agent. Houlihan Lokey Money, Inc. is serving as fiscal advisor to the Reinvent transaction committee.

About Aurora

Aurora (Nasdaq: AUR) is offering the benefits of self-driving technology safely and securely, quickly, and broadly. Founded in 2017 by professionals in the self-driving field, Aurora is revolutionizing transportation – creating it safer, increasingly accessible, and far more dependable and effective than at any time before. Its flagship merchandise, the Aurora Driver, is a system that provides jointly software program, components, and facts products and services, to autonomously function passenger automobiles, mild industrial motor vehicles, and significant-responsibility vehicles. Aurora is partnered with marketplace leaders throughout the transportation ecosystem which includes Toyota, Uber, Volvo, FedEx, and PACCAR. Aurora tests its autos in the Bay Spot, Pittsburgh, and Texas and has workplaces in these spots as well as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To find out a lot more, visit www.aurora.tech.

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About Reinvent Technology Partners Y

Reinvent Engineering Associates Y (“RTPY”) is a exclusive purpose acquisition firm led by Mark Pincus, Michael Thompson, and Reid Hoffman. RTPY was fashioned to assist a technological innovation business to innovate and achieve entrepreneurship at scale by leveraging its team’s working experience as founders of legendary engineering providers, their experience making providers as advisors and board associates, and the cash raised in its preliminary general public featuring.

Cautionary Statement Concerning Ahead-Looking Statements This Push Release has specified forward-looking statements inside of the that means of the federal securities regulations. These forward-looking statements frequently are recognized by the text “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will go on,” “will possible final result,” and comparable expressions. Ahead-wanting statements are predictions, projections and other statements about long term activities that are centered on existing anticipations and assumptions and, as a end result, are subject matter to pitfalls and uncertainties. Lots of factors could bring about precise upcoming functions to vary materially from the ahead-looking statements in this Push Release, which include but not restricted to: (i) the result of any legal proceedings that could be instituted versus the Company related to the transaction, (ii) these linked to the Company’s enterprise and money effectiveness, (iii) the Company’s capability to build and commercialize its autonomous car or truck know-how, (iv) the Company’s capacity to execute on its enterprise system, (v) the Company’s ability to compete properly and ability to regulate expansion, and (vi) the Company’s capacity to increase further financing in the upcoming. The foregoing record of components is not exhaustive. You really should diligently contemplate the foregoing variables and the other risks and uncertainties explained in the “Risk Factors” part of RTPY’s definitive proxy statement/final prospectus dated October 8, 2021 and submitted by RTPY with the SEC on October 12, 2021 and other documents submitted by the Corporation from time to time with the SEC. These filings establish and handle other significant challenges and uncertainties that could induce actual activities and benefits to differ materially from those people contained in the ahead-searching statements. Ahead-looking statements talk only as of the date they are produced. Readers are cautioned not to put undue reliance on ahead-wanting statements, and the Enterprise assumes no obligation and does not intend to update or revise these forward-searching statements, whether or not as a consequence of new details, potential activities, or in any other case. The Enterprise provides no assurance that it will reach its expectations.