NEW YORK, November 02, 2021–(Business enterprise WIRE)–Reinvent Technology Companions Y (“RTPY”) (NASDAQ: RTPY), a specific intent acquisition business that normally takes a “enterprise funds at scale” solution to investing, introduced that at its Incredible Common Conference of Shareholders held currently, RTPY shareholders voted to approve and undertake the earlier declared organization mix arrangement with self-driving corporation Aurora.
The formal benefits of the vote will be included in a Current Report on Sort 8-K to be submitted by RTPY with the Securities and Exchange Fee (the “SEC”).
The company mixture is predicted to close on November 3, 2021, subject matter to the satisfaction or waiver of customary closing situations. On the closing of the enterprise blend, RTPY will adjust its name to Aurora Innovation, Inc., and widespread stock and warrants of the blended firm are expected to start off trading on November 4, 2021 on Nasdaq below the ticker symbols “AUR” and “AUROW,” respectively.
Aurora is building the engineering and small business to commercialize self-driving at scale both in autonomous trucking and passenger mobility. Aurora’s industry-leading partners include Toyota, Uber, Volvo and PACCAR. The gross proceeds currently being raised in this transaction furthermore cash on the stability sheet as of November 1, 2021, equals about $1.8 billion. Proceeds from the enterprise blend represent the most significant-at any time autonomous motor vehicle or robotics business principal raise in a go-general public transaction. This further money is anticipated to fund Aurora further than the commercial start of Aurora Horizon and the Aurora Driver in 2023, and into 2024.
Founded in 2017 by experts in the self-driving marketplace, Aurora is on a mission to provide the rewards of self-driving engineering properly, immediately, and broadly. To shift both equally men and women and goods, the company is developing the Aurora Driver, a system that delivers collectively software, hardware and info solutions to autonomously work passenger automobiles, mild professional autos, and hefty-duty vans. Aurora is backed by Sequoia Money, Baillie Gifford, money and accounts encouraged by T. Rowe Rate Associates, among the other individuals, and is partnered with marketplace leaders which includes Toyota, Uber, Volvo, and PACCAR. Aurora assessments its cars in the Bay Space, Pittsburgh, and Dallas. The corporation has workplaces in people regions as properly as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To discover far more, visit www.aurora.tech.
About Reinvent Technology Associates Y
Reinvent Know-how Partners Y is a specific purpose acquisition corporation launched by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Technology Associates Y was fashioned to assistance a technologies small business to innovate and accomplish entrepreneurship at scale by leveraging its team’s operating experience as founders of legendary technologies companies, their working experience making organizations as advisors and board customers, and the capital raised in its preliminary community offering.
Cautionary Statement Pertaining to Forward On the lookout Statements
This press release contains certain forward-looking statements within the indicating of the federal securities regulations with respect to the proposed transaction between Reinvent Engineering Partners Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These ahead-wanting statements commonly are determined by the terms “believe,” “task,” “anticipate,” “anticipate,” “estimate,” “intend,” “method,” “long run,” “possibility,” “plan,” “may perhaps,” “must,” “will,” “would,” “will be,” “continue on,” “probably,” and very similar expressions. Ahead-looking statements are predictions, projections and other statements about potential occasions that are based mostly on existing anticipations and assumptions and, as a result, are subject matter to threats and uncertainties. Many things could induce true potential activities to vary materially from the ahead-looking statements in this doc, such as but not confined to: (i) the possibility that the proposed transaction may not be accomplished in a well timed way or at all, which may adversely impact the cost of RTPY’s securities, (ii) the hazard that the proposed transaction could not be concluded by RTPY’s small business blend deadline and the opportunity failure to acquire an extension of the business enterprise mixture deadline if sought by RTPY, (iii) the failure to fulfill the problems to the consummation of the proposed transaction set forth in the Agreement and Approach of Merger, dated as of July 14, 2021 (the “Merger Arrangement”), by and amid RTPY, Aurora and RTPY Merger Sub Inc., a Delaware company and a immediate wholly owned subsidiary of RTPY, (iv) the inability to full the PIPE expense in relationship with the proposed transaction, (v) the occurrence of any celebration, adjust or other circumstance that could give increase to the termination of the Merger Arrangement, (vi) the outcome of the announcement or pendency of the proposed transaction on Aurora’s small business interactions, working outcomes and company generally, (vii) pitfalls that the proposed transaction disrupts recent options and operations of Aurora and possible challenges in Aurora staff retention as a result of the proposed transaction, (viii) the final result of any authorized proceedings or other disputes that may well be instituted against Aurora or against RTPY associated to the Merger Agreement or the proposed transaction or normally, (ix) the capacity to keep the listing of RTPY’s securities on a countrywide securities trade, (x) the price of RTPY’s securities could be risky thanks to a variety of elements, such as adjustments in the competitive and hugely regulated industries in which RTPY ideas to function or Aurora operates, versions in running efficiency throughout competitors, variations in laws and polices affecting RTPY’s or Aurora’s enterprise and variations in the blended funds composition, (xi) the ability to apply enterprise programs, forecasts, and other anticipations after the completion of the proposed transaction, and establish and comprehend more alternatives, and (xii) the danger of downturns and a transforming regulatory landscape in the very competitive self-driving industry. The foregoing checklist of elements is not exhaustive. You need to thoroughly think about the foregoing factors and the other challenges and uncertainties described in the “Danger Variables” segment of RTPY’s registration statement on Sort S-1 (File No. 333-253075), its Quarterly Stories on Sort 10-Q for the durations finished March 31, 2021 and June 30, 2021, respectively, the registration statement on Type S-4 (File No. 333-257912) and other files filed by RTPY from time to time with the SEC. These filings determine and tackle other crucial challenges and uncertainties that could trigger actual gatherings and effects to vary materially from individuals contained in the forward-on the lookout statements. Forward-hunting statements communicate only as of the date they are created. Visitors are cautioned not to put undue reliance on forward-wanting statements, and RTPY and Aurora suppose no obligation and do not intend to update or revise these ahead-searching statements, no matter whether as a consequence of new info, long run functions, or or else. Neither RTPY nor Aurora presents any assurance that possibly RTPY or Aurora or the blended firm will accomplish its expectations.
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Reinvent Know-how Companions Y:
Ed Trissel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher