Joby Aviation Inc. Warrants (NYSE: JOBY/W) plunged nearly 20% on Wednesday to close at $6.40, down $1.59, after the company announced the pricing of its previously disclosed public stock offering.
The electric air taxi developer said it will issue 30.5 million common shares at a price of $16.85 per share, translating to gross proceeds of approximately $513.9 million. The offering aims to strengthen Joby’s balance sheet as it continues to scale its operations and prepare for commercial launch.
The sell-off followed investor concerns over dilution and near-term capital needs, leading to heavy trading pressure across both Joby’s common shares and warrants. The offering comes as the company advances certification work for its all-electric vertical takeoff and landing (eVTOL) aircraft in the United States.
Disclaimer:
The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.