Joby Aviation today became the first U.S.-based eVTOL developer to go public with a flotation on the New York Stock Exchange (NYSE), trading under the symbol JOBY. This follows an extraordinary general meeting days ago that approved the California-based startup’s merger with special purpose acquisition company Reinvent Technology Partners. According to Joby, the transaction values the business at $4.5 billion.
The estimated $2 billion in fresh capital from the merger and initial public offering will support Joby’s plans to complete the type certification of a four-passenger all-electric eVTOL that can be flown single pilot on routes of up to 150 miles. Joby said this should more than cover the projected $1.4 billion cash flow requirement to take the aircraft to FAA certification and service entry, which is pegged for 2024.