Aurora looks to raise about $820 million in public and private investment deals

A set of investment offerings are positioned to fill up the tanks of autonomous vehicle developer Aurora Innovation Inc. with enough cash to sustain operations until the deployment of its self-driving trucking product, which is expected to start shipping by the end of 2024.

In a series of press releases and documents filed with the U.S. Securities and Exchange Commission, (Pittsburgh) Strip District-based Aurora (NASDAQ: AUR) announced that it issued an underwritten public offering of more than 73 million shares of its outstanding Class A common stock with a price of $3 per share, which if sold, is a deal valued at about $220 million…

Additionally, Aurora said it initiated a concurrent private placement purchase agreement with “certain existing institutional and strategic investors, entities affiliated with two of Aurora’s directors, and new institutional investors” to sell 222,222,216 shares of its Class A common stock at $2.70 per share, which would bring in $600 million upon the close of the deal.