Joby Aviation Inc.
10/28/2024 | Press release | Distributed by Public on 10/28/2024 14:38
Material Event Form 8 K
Item 8.01. Other Events
On October 24, 2024, Joby Aviation, Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Morgan Stanley & Co. LLC and Allen & Company LLC, as representatives of the underwriters named therein (collectively, the "Underwriters"), relating to the underwritten public offering by the Company of 40,000,000 shares (the "Shares") of the Company's common stock, par value $0.0001 per share (the "Common Stock"), at a price to the public of $5.05 per share (the "Offering"). Under the terms of the Underwriting Agreement, the Company also granted the Underwriters a 30-day option (the "Option") to purchase up to 6,000,000 additional shares of Common Stock (the "Option Shares") that was exercised in full on October 25, 2024. The Shares and Option Shares were delivered against payment therefor on October 28, 2024.
The Company estimates that the net proceeds from the Offering will be approximately $221.8 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company currently intends to use the net proceeds from the Offering, together with existing cash, cash equivalents and short-term investments, to fund certification and manufacturing efforts, prepare for commercial operations and for general working capital and other general corporate purposes.
The Offering was made pursuant to the Company's shelf registration statement on Form S-3 (Registration Statement No. 333-282809) which became automatically effective upon filing with the Securities and Exchange Commission (the "SEC") on October 24, 2024, a prospectus included in such registration statement, and a preliminary prospectus supplement and final prospectus supplement, filed with the SEC on October 24, 2024 and October 25, 2024, respectively.
The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, and were solely for the benefit of the parties to such agreement. The foregoing description of the Underwriting Agreement is not complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, a copy of which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.
A copy of the legal opinion of Latham & Watkins LLP relating to the validity of the issuance and sale of the Common Stock in the Offering is filed as Exhibit 5.1 to this Current Report on Form 8-K and is filed with reference to, and is hereby incorporated by reference into, the registration statement.