Air taxi developer Joby Aviation has launched an underwritten offering of $500 million in common stock.
In a new filing, the company said it will sell 30.5 million shares at an offering price of $16.85 per share, resulting in gross proceeds around $513.9 million.
The firm granted the underwriter a 30-day option to purchase up to an additional 4.6 million shares of common stock, which represents around $77.5 million in gross proceeds.
Joby intends to the use the net proceeds to fund the manufacturing and certification push for its electric vertical takeoff and landing (eVTOL) aircraft.
The proceeds will also fund its preparations for commercial operations, and will provide general working capital and other general corporate expenses.
Morgan Stanley is acting as bookrunner for the offering.