Feb 12, 2021 07:40 EST
Shares of blank cheque company Reinvent Technology Partners (RTP) (NYSE:RTP) are up by 9% in premarket trading as a report of its merger with Santa Cruz, California-based electrical vertical take-off and landing (eVTOL) aircraft firm Joby Aviation surface. The report, courtesy of The Financial Times, states that RTP and Joby are finalizing the final financing of the deal, which could be announced later this month and result in a valuation of $5.7 billion for Joby.
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Joby Aviation Likely To Finalize Merger With Reinvent Technology Later This Month With A $5.7 Billion Valuation
If the merger follows through then the deal will have resulted in Joby becoming a publicly-traded company on the New York Stock Exchange (NYSE) while it is in its early stages of operations. As opposed to most companies that take the public route via initial public offerings with an operational business model, Joby, like some other firms choosing special purpose acquisition companies (SPACs) to go public, will do so while it is developing its prototype air-taxis.