https://wccftech.com/joby-aviation-to-merge-with-reinvent-technology-expects-2-billion-revenue-in-2026/

California-based electrical vertical take-off (vTOL) vehicle developer Joby Aviation and blank cheque firm Reinvent Technology Partners (NYSE:RTP) have confirmed their decision to merge. Rumors of the merger were reported earlier this month by The Financial Times, in a report that followed earlier coverage by Reuters that had stated that the eVTOL firm had hired investment banks to develop such a proposal.

Following the deal, Joby Aviation will be valued at $6.6 billion, provide $1.6 billion in gross proceeds and roughly $690 million in cash to Joby with the remainder being a PIPE investment. Additionally, the firms have also agreed on locking up founder shares so. that they do not fully vest until five years and the share price touches $32/share.