Joby finalized the sale of 40,000,000 shares of common stock at a public offering price of $5.05 per share, making Joby possessing a cash balance of over $1 billion. The company held $825 million by the second quarter of 2024. Early this October, Joby received a $500 million in funding from Toyota. This puts the total raised by Joby to roughly $2.8 billion.
Joby intends to use the money from its recent common stock sale to fund the costly certification of its electric VTOL aircraft, as well as for manufacturing costs, and other general business expenses. Morgan Stanley and Allen & Company LLC were the acting joint book-running managers for the public offering.
Joby has partnerships with Delta Airlines and Uber for use of their VTOL aircraft within an Urban Air Mobility (UAM) framework.
Last year Joby won a $55 million extension contract with the US Air Force to supply the electric VTOL aircraft to Edwards Air Force base. The total value of contracts with the US Air Force stands at $131 million.
More info:
Joby’s press release: click here
Toyota’s press release: click here
Joby’s DOD contract: click here