NEW YORK, November 02, 2021–(Enterprise WIRE)–Reinvent Know-how Companions Y (“RTPY”) (NASDAQ: RTPY), a exclusive goal acquisition business that usually takes a “undertaking money at scale” method to investing, introduced that at its Remarkable Common Conference of Shareholders held currently, RTPY shareholders voted to approve and adopt the formerly announced enterprise combination arrangement with self-driving business Aurora.
The formal final results of the vote will be involved in a Present-day Report on Kind 8-K to be submitted by RTPY with the Securities and Trade Commission (the “SEC”).
The enterprise blend is envisioned to close on November 3, 2021, matter to the pleasure or waiver of customary closing circumstances. On the closing of the organization blend, RTPY will modify its name to Aurora Innovation, Inc., and common stock and warrants of the merged organization are predicted to start off buying and selling on November 4, 2021 on Nasdaq less than the ticker symbols “AUR” and “AUROW,” respectively.
Aurora is building the technological innovation and organization to commercialize self-driving at scale both of those in autonomous trucking and passenger mobility. Aurora’s market-leading partners include things like Toyota, Uber, Volvo and PACCAR. The gross proceeds being raised in this transaction additionally hard cash on the balance sheet as of November 1, 2021, equals about $1.8 billion. Proceeds from the business enterprise mixture depict the greatest-ever autonomous automobile or robotics enterprise main raise in a go-community transaction. This more funds is predicted to fund Aurora past the commercial launch of Aurora Horizon and the Aurora Driver in 2023, and into 2024.
About Aurora
Launched in 2017 by industry experts in the self-driving business, Aurora is on a mission to supply the gains of self-driving technological know-how safely, promptly, and broadly. To move equally people today and goods, the enterprise is creating the Aurora Driver, a platform that brings jointly application, components and data solutions to autonomously function passenger autos, gentle industrial cars, and large-responsibility vans. Aurora is backed by Sequoia Cash, Baillie Gifford, resources and accounts advised by T. Rowe Cost Associates, between some others, and is partnered with marketplace leaders like Toyota, Uber, Volvo, and PACCAR. Aurora assessments its vehicles in the Bay Spot, Pittsburgh, and Dallas. The firm has workplaces in those spots as nicely as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To understand more, stop by www.aurora.tech.
About Reinvent Technological innovation Partners Y
Reinvent Technological innovation Partners Y is a distinctive goal acquisition business started by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Know-how Partners Y was formed to assistance a engineering organization to innovate and attain entrepreneurship at scale by leveraging its team’s operating knowledge as founders of iconic technological know-how providers, their experience making businesses as advisors and board associates, and the money raised in its initial community supplying.
Cautionary Statement Regarding Forward Searching Statements
This press launch is made up of sure ahead-looking statements inside of the meaning of the federal securities rules with regard to the proposed transaction amongst Reinvent Technological innovation Associates Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These ahead-searching statements generally are identified by the words “believe that,” “job,” “hope,” “foresee,” “estimate,” “intend,” “strategy,” “long term,” “option,” “strategy,” “may well,” “should really,” “will,” “would,” “will be,” “carry on,” “very likely,” and related expressions. Ahead-looking statements are predictions, projections and other statements about upcoming functions that are primarily based on recent anticipations and assumptions and, as a final result, are subject to risks and uncertainties. Lots of components could lead to true long run gatherings to vary materially from the ahead-looking statements in this document, which includes but not confined to: (i) the chance that the proposed transaction might not be done in a timely manner or at all, which could adversely have an impact on the value of RTPY’s securities, (ii) the chance that the proposed transaction may perhaps not be accomplished by RTPY’s organization mix deadline and the possible failure to get an extension of the business mixture deadline if sought by RTPY, (iii) the failure to fulfill the circumstances to the consummation of the proposed transaction set forth in the Agreement and Program of Merger, dated as of July 14, 2021 (the “Merger Agreement”), by and between RTPY, Aurora and RTPY Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of RTPY, (iv) the lack of ability to entire the PIPE expenditure in link with the proposed transaction, (v) the prevalence of any event, adjust or other circumstance that could give rise to the termination of the Merger Settlement, (vi) the effect of the announcement or pendency of the proposed transaction on Aurora’s company associations, functioning effects and business enterprise typically, (vii) dangers that the proposed transaction disrupts latest designs and operations of Aurora and likely complications in Aurora worker retention as a result of the proposed transaction, (viii) the result of any authorized proceedings or other disputes that could be instituted towards Aurora or towards RTPY relevant to the Merger Settlement or the proposed transaction or usually, (ix) the means to retain the listing of RTPY’s securities on a national securities trade, (x) the price tag of RTPY’s securities may well be risky because of to a assortment of aspects, which include improvements in the aggressive and really controlled industries in which RTPY ideas to function or Aurora operates, versions in operating performance throughout competition, improvements in rules and laws impacting RTPY’s or Aurora’s business and improvements in the mixed funds structure, (xi) the skill to put into practice small business options, forecasts, and other anticipations right after the completion of the proposed transaction, and determine and realize more opportunities, and (xii) the hazard of downturns and a switching regulatory landscape in the highly competitive self-driving business. The foregoing record of components is not exhaustive. You need to cautiously take into account the foregoing factors and the other risks and uncertainties described in the “Danger Elements” part of RTPY’s registration statement on Type S-1 (File No. 333-253075), its Quarterly Studies on Form 10-Q for the periods ended March 31, 2021 and June 30, 2021, respectively, the registration assertion on Form S-4 (File No. 333-257912) and other paperwork filed by RTPY from time to time with the SEC. These filings identify and tackle other critical risks and uncertainties that could bring about true activities and results to vary materially from those contained in the forward-searching statements. Forward-on the lookout statements converse only as of the day they are manufactured. Viewers are cautioned not to put undue reliance on forward-looking statements, and RTPY and Aurora assume no obligation and do not intend to update or revise these ahead-hunting statements, no matter whether as a outcome of new information and facts, potential activities, or normally. Neither RTPY nor Aurora gives any assurance that possibly RTPY or Aurora or the merged organization will reach its anticipations.
See source model on businesswire.com: https://www.businesswire.com/news/dwelling/20211102006367/en/
Contacts
Aurora:
Khobi Brooklyn
[email protected]
(415) 699-3657
Reinvent Technologies Companions Y:
Ed Trissel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
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