Aurora Expected to Close Business Combination with Reinvent Technology Partners Y with Over $1.8 Billion in Proceeds and Cash On Hand
* Reinvent Know-how Companions Y (RTPY) expects to total its business mix, subject to shareholder acceptance, on November 3, 2021
* Buyers in the PIPE contain Baillie Gifford, resources and accounts managed by Counterpoint World (Morgan Stanley), Fidelity Administration and Study LLC, funds and accounts recommended by T. Rowe Price Associates, Inc., PACCAR, Volvo, and Uber
* Proceeds from the business mixture signify the premier-ever Autonomous Car or truck or Robotics organization most important increase in a go-general public transaction
NEW YORK, November 01, 2021–(Company WIRE)–Reinvent Technological know-how Associates Y (“RTPY”) (NASDAQ: RTPY) these days introduced that subject matter to RTPY shareholder acceptance, it expects to total its earlier announced business mixture with self-driving business Aurora on November 3, 2021.
Aurora is developing the technologies and small business to commercialize self-driving at scale each in autonomous trucking and passenger mobility. Aurora’s sector-foremost associates involve Toyota, Uber, Volvo and PACCAR. The gross proceeds currently being elevated in this transaction additionally hard cash on the equilibrium sheet as of November 1, 2021, equals somewhere around $1.8 billion. This more funds is expected to fund Aurora past the industrial start of Aurora Horizon and the Aurora Driver in 2023, and into 2024.
“We are delighted with the investor fascination and assistance for this transaction, and are energized about the potential of Aurora’s enterprise,” mentioned Mark Pincus, Co-Founder and Director of Reinvent Technological innovation Companions Y. “We consider Aurora will be the initially to commercialize self-driving technological know-how at scale for the U.S. trucking and passenger transportation marketplaces thanks to its planet-course group, sector-major technology and field-main partnerships.”
“On behalf of the full Aurora workforce, we are encouraged by the early help for this transaction and seem ahead to accelerating our development towards commercializing our self-driving technological know-how with the assistance of our partners and the Reinvent crew,” claimed Chris Urmson, Co-Founder and Main Govt Officer of Aurora. “Upon the closing, this new capital will further help our timeline towards delivering the technological know-how to make the motion of merchandise and individuals safer, far more reliable, and successful.”
RTPY also announced today that the deadline for shareholders to withdraw any election to have their shares redeemed in relationship with the Business Mix will be 5:00 p.m. Eastern Time on Tuesday, November 2, 2021. Shareholders who want to withdraw a redemption request really should speak to RTPY’s transfer agent, Continental Stock Transfer & Trust Enterprise, by e mail at [email protected].
The organization mix, if authorized by RTPY shareholders, is anticipated to close on November 3, 2021. Upon the closing of the enterprise blend, RTPY will transform its identify to Aurora Innovation, Inc., and widespread inventory and warrants of the put together corporation are expected to get started investing on November 4, 2021 on Nasdaq less than the ticker symbols “AUR” and “AUROW,” respectively.
To spend in Aurora, people today can get public shares of RTPY and maintain them as a result of the closing of the enterprise mixture, at which time their RTPY shares will immediately change to frequent inventory of the publicly mentioned Aurora on a 1:1 basis.
The Amazing Common Meeting of Shareholders is scheduled to occur on November 2, 2021 at 12:00 p.m. ET. No cost copies of the proxy statement and all suitable documents submitted or that will be filed with the U.S Securities and Trade Commission (“SEC”) by RTPY (when accessible) can also be acquired by shareholders by way of the site managed by the SEC at http://www.sec.gov. The documents filed by RTPY with the SEC may possibly also be attained free of charge at RTPY’s web page at https://y.reinventtechnologypartners.com/investor-relations or by created request to: Reinvent Technologies Companions Y, 215 Park Avenue, Flooring 11, New York, NY 10003.
About Aurora
Started in 2017 by specialists in the self-driving marketplace, Aurora is on a mission to deliver the gains of self-driving engineering safely and securely, rapidly, and broadly. To move equally individuals and products, the enterprise is creating the Aurora Driver, a platform that brings jointly program, hardware and knowledge products and services to autonomously operate passenger vehicles, light-weight commercial vehicles, and hefty-responsibility vehicles. Aurora is backed by Sequoia Cash, Baillie Gifford, cash and accounts suggested by T. Rowe Value Associates, amongst many others, and is partnered with business leaders which include Toyota, Uber, Volvo, and PACCAR. Aurora checks its automobiles in the Bay Area, Pittsburgh, and Dallas. The business has places of work in individuals locations as well as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To discover additional, pay a visit to www.aurora.tech.
About Reinvent Technology Partners Y
Reinvent Engineering Companions Y is a unique purpose acquisition company founded by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Technological know-how Associates Y was formed to assist a technology small business to innovate and obtain entrepreneurship at scale by leveraging its team’s operating knowledge as founders of legendary technology providers, their encounter developing providers as advisors and board associates, and the cash lifted in its original general public offering.
Cautionary Assertion Relating to Forward On the lookout Statements
This press release consists of specific ahead-looking statements in the meaning of the federal securities laws with respect to the proposed transaction among Reinvent Technology Partners Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These ahead-seeking statements usually are determined by the text “feel,” “undertaking,” “hope,” “foresee,” “estimate,” “intend,” “method,” “future,” “prospect,” “strategy,” “may,” “must,” “will,” “would,” “will be,” “continue on,” “likely,” and equivalent expressions. Forward-looking statements are predictions, projections and other statements about foreseeable future activities that are centered on recent anticipations and assumptions and, as a final result, are subject to risks and uncertainties. Quite a few things could lead to actual foreseeable future gatherings to differ materially from the forward-seeking statements in this document, together with but not minimal to: (i) the risk that the proposed transaction may possibly not be accomplished in a well timed manner or at all, which may perhaps adversely affect the price tag of RTPY’s securities, (ii) the hazard that the proposed transaction may possibly not be finished by RTPY’s organization blend deadline and the possible failure to get hold of an extension of the enterprise mixture deadline if sought by RTPY, (iii) the failure to satisfy the ailments to the consummation of the proposed transaction, like the adoption of the Agreement and System of Merger, dated as of July 14, 2021 (the “Merger Settlement”), by and amongst RTPY, Aurora and RTPY Merger Sub Inc., a Delaware corporation and a immediate wholly owned subsidiary of RTPY, by the shareholders of RTPY, the fulfillment of the least hard cash ailment adhering to redemptions by RTPY’s general public shareholders and the receipt of particular governmental and regulatory approvals, (iv) the incapability to finish the PIPE expense in link with the proposed transaction, (v) the occurrence of any occasion, improve or other circumstance that could give increase to the termination of the Merger Settlement, (vi) the outcome of the announcement or pendency of the proposed transaction on Aurora’s business interactions, working benefits and organization generally, (vii) threats that the proposed transaction disrupts current strategies and functions of Aurora and probable problems in Aurora worker retention as a final result of the proposed transaction, (viii) the end result of any authorized proceedings or other disputes that may be instituted in opposition to Aurora or towards RTPY connected to the Merger Arrangement or the proposed transaction or usually, (ix) the means to retain the listing of RTPY’s securities on a countrywide securities trade, (x) the selling price of RTPY’s securities might be risky because of to a wide variety of components, such as changes in the competitive and hugely controlled industries in which RTPY designs to run or Aurora operates, variations in functioning overall performance throughout competitors, adjustments in regulations and laws influencing RTPY’s or Aurora’s business enterprise and variations in the mixed capital structure, (xi) the capability to put into practice small business programs, forecasts, and other anticipations after the completion of the proposed transaction, and identify and comprehend more opportunities, and (xii) the threat of downturns and a altering regulatory landscape in the very competitive self-driving industry. The foregoing record of factors is not exhaustive. You should really carefully take into consideration the foregoing aspects and the other risks and uncertainties described in the “Hazard Aspects”segment of RTPY’s registration assertion on Sort S-1 (File No. 333-253075), its Quarterly Experiences on Variety 10-Q for the intervals ended March 31, 2021 and June 30, 2021, respectively, the registration assertion on Type S-4 talked over underneath and other files submitted by RTPY from time to time with the SEC. These filings establish and deal with other critical pitfalls and uncertainties that could lead to precise functions and benefits to vary materially from those people contained in the forward-searching statements. Ahead-searching statements converse only as of the date they are produced. Audience are cautioned not to place undue reliance on ahead-hunting statements, and RTPY and Aurora believe no obligation and do not intend to update or revise these ahead-looking statements, whether as a consequence of new details, long run situations, or or else. Neither RTPY nor Aurora presents any assurance that both RTPY or Aurora or the put together business will reach its expectations.
Additional Information and Where by to Obtain It
This push launch relates to a proposed transaction amongst RTPY and Aurora. This press release is not a proxy, consent or authorization with regard to any securities or in respect of the proposed transaction and does not constitute an provide to provide or exchange, or the solicitation of an offer to purchase or trade, any securities, nor shall there be any sale of securities in any jurisdiction in which these types of offer you, sale or exchange would be unlawful prior to registration or qualification under the securities rules of any these jurisdiction. RTPY has filed a registration statement on Sort S-4 with the SEC (333-257912), which incorporates a prospectus and proxy assertion of RTPY, referred to as a proxy statement/prospectus. RTPY has mailed a definitive proxy assertion/prospectus and other related files to its shareholders of history as of September 30, 2021, the file day founded for the extraordinary basic meeting of shareholders relating to the proposed transaction involving RTPY and Aurora. RTPY also will file other files with regards to the proposed transaction with the SEC. Prior to generating any voting or financial commitment conclusion, buyers and stability holders of RTPY are urged to go through the registration assertion, the proxy statement/prospectus and all other pertinent documents filed or that will be filed with the SEC in link with the proposed transaction because they will contain crucial information about the proposed transaction. Buyers and safety holders will be in a position to acquire totally free copies of the registration assertion, the proxy statement/prospectus and all other relevant paperwork submitted or that will be filed with the SEC by RTPY by the website preserved by the SEC at www.sec.gov. The files submitted by RTPY with the SEC also could be received free of cost at RTPY’s internet site at https://y.reinventtechnologypartners.com or on published ask for to c/o Reinvent Capital, 215 Park Avenue, Floor 11 New York, NY.
See source version on businesswire.com: https://www.businesswire.com/news/residence/20211101005550/en/
Contacts
MEDIA:
Aurora:
Khobi Brooklyn
[email protected]
(415) 699-3657
Reinvent Technological know-how Companions Y:
Ed Trissel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449