* Reinvent Know-how Partners Y (RTPY) expects to full its organization blend, matter to shareholder acceptance, on November 3, 2021
* Traders in the PIPE incorporate Baillie Gifford, cash and accounts managed by Counterpoint World-wide (Morgan Stanley), Fidelity Administration and Study LLC, resources and accounts encouraged by T. Rowe Cost Associates, Inc., PACCAR, Volvo, and Uber
* Proceeds from the organization mixture signify the largest-at any time Autonomous Car or Robotics organization principal raise in a go-general public transaction
NEW YORK, November 01, 2021–(Company WIRE)–Reinvent Technology Associates Y (“RTPY”) (NASDAQ: RTPY) now announced that subject matter to RTPY shareholder acceptance, it expects to entire its earlier introduced business combination with self-driving company Aurora on November 3, 2021.
Aurora is setting up the technological innovation and small business to commercialize self-driving at scale both equally in autonomous trucking and passenger mobility. Aurora’s industry-main partners involve Toyota, Uber, Volvo and PACCAR. The gross proceeds being raised in this transaction as well as dollars on the stability sheet as of November 1, 2021, equals roughly $1.8 billion. This further funds is envisioned to fund Aurora over and above the commercial start of Aurora Horizon and the Aurora Driver in 2023, and into 2024.
“We are delighted with the investor interest and assist for this transaction, and are psyched about the long term of Aurora’s company,” reported Mark Pincus, Co-Founder and Director of Reinvent Technology Partners Y. “We believe that Aurora will be the first to commercialize self-driving technologies at scale for the U.S. trucking and passenger transportation markets thanks to its earth-class crew, sector-main engineering and marketplace-leading partnerships.”
“On behalf of the entire Aurora crew, we are inspired by the early assist for this transaction and glimpse forward to accelerating our progress towards commercializing our self-driving engineering with the assistance of our partners and the Reinvent team,” reported Chris Urmson, Co-Founder and Main Govt Officer of Aurora. “Upon the closing, this new cash will more assist our timeline towards offering the engineering to make the movement of merchandise and men and women safer, more responsible, and effective.”
RTPY also declared right now that the deadline for shareholders to withdraw any election to have their shares redeemed in connection with the Business Mix will be 5:00 p.m. Japanese Time on Tuesday, November 2, 2021. Shareholders who would like to withdraw a redemption request should really get in touch with RTPY’s transfer agent, Continental Inventory Transfer & Belief Corporation, by email at [email protected].
The business enterprise mixture, if accredited by RTPY shareholders, is anticipated to close on November 3, 2021. Upon the closing of the organization combination, RTPY will alter its title to Aurora Innovation, Inc., and frequent inventory and warrants of the put together company are expected to start investing on November 4, 2021 on Nasdaq less than the ticker symbols “AUR” and “AUROW,” respectively.
To devote in Aurora, men and women can buy general public shares of RTPY and maintain them via the closing of the enterprise combination, at which time their RTPY shares will mechanically change to popular stock of the publicly stated Aurora on a 1:1 foundation.
The Extraordinary Common Meeting of Shareholders is scheduled to arise on November 2, 2021 at 12:00 p.m. ET. Free of charge copies of the proxy assertion and all relevant documents filed or that will be filed with the U.S Securities and Exchange Commission (“SEC”) by RTPY (when accessible) can also be acquired by shareholders by means of the web page managed by the SEC at http://www.sec.gov. The files filed by RTPY with the SEC could also be received cost-free of cost at RTPY’s web page at https://y.reinventtechnologypartners.com/trader-relations or by created request to: Reinvent Engineering Associates Y, 215 Park Avenue, Floor 11, New York, NY 10003.
About Aurora
Started in 2017 by authorities in the self-driving field, Aurora is on a mission to supply the rewards of self-driving technology properly, swiftly, and broadly. To shift both equally people today and goods, the enterprise is developing the Aurora Driver, a system that provides collectively computer software, hardware and knowledge services to autonomously work passenger vehicles, light professional vehicles, and significant-duty vehicles. Aurora is backed by Sequoia Money, Baillie Gifford, cash and accounts suggested by T. Rowe Rate Associates, among the other individuals, and is partnered with marketplace leaders including Toyota, Uber, Volvo, and PACCAR. Aurora checks its cars in the Bay Region, Pittsburgh, and Dallas. The firm has offices in individuals locations as perfectly as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To master far more, visit www.aurora.tech.
About Reinvent Engineering Companions Y
Reinvent Technological know-how Partners Y is a specific objective acquisition organization launched by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Technological innovation Associates Y was formed to guidance a know-how business enterprise to innovate and obtain entrepreneurship at scale by leveraging its team’s operating experience as founders of iconic technological innovation businesses, their knowledge developing providers as advisors and board users, and the funds lifted in its original community featuring.
Cautionary Statement Concerning Ahead Looking Statements
This push launch consists of specific ahead-hunting statements inside of the that means of the federal securities regulations with regard to the proposed transaction involving Reinvent Technological know-how Companions Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These forward-looking statements frequently are recognized by the text “imagine,” “challenge,” “count on,” “foresee,” “estimate,” “intend,” “technique,” “foreseeable future,” “prospect,” “strategy,” “may possibly,” “really should,” “will,” “would,” “will be,” “carry on,” “very likely,” and comparable expressions. Forward-looking statements are predictions, projections and other statements about future occasions that are based mostly on recent anticipations and assumptions and, as a consequence, are matter to risks and uncertainties. A lot of things could induce real upcoming functions to differ materially from the forward-seeking statements in this document, which includes but not limited to: (i) the threat that the proposed transaction may well not be completed in a well timed way or at all, which may adversely have an affect on the price of RTPY’s securities, (ii) the risk that the proposed transaction could not be done by RTPY’s organization mixture deadline and the likely failure to get hold of an extension of the business enterprise blend deadline if sought by RTPY, (iii) the failure to fulfill the problems to the consummation of the proposed transaction, together with the adoption of the Arrangement and Approach of Merger, dated as of July 14, 2021 (the “Merger Settlement”), by and among the RTPY, Aurora and RTPY Merger Sub Inc., a Delaware corporation and a immediate wholly owned subsidiary of RTPY, by the shareholders of RTPY, the gratification of the least dollars issue subsequent redemptions by RTPY’s public shareholders and the receipt of specific governmental and regulatory approvals, (iv) the incapability to total the PIPE financial commitment in link with the proposed transaction, (v) the prevalence of any celebration, modify or other circumstance that could give increase to the termination of the Merger Settlement, (vi) the result of the announcement or pendency of the proposed transaction on Aurora’s business associations, operating effects and small business usually, (vii) challenges that the proposed transaction disrupts present strategies and functions of Aurora and likely difficulties in Aurora worker retention as a consequence of the proposed transaction, (viii) the result of any legal proceedings or other disputes that could be instituted towards Aurora or towards RTPY associated to the Merger Settlement or the proposed transaction or otherwise, (ix) the capability to sustain the listing of RTPY’s securities on a nationwide securities exchange, (x) the value of RTPY’s securities may be volatile because of to a wide range of aspects, such as modifications in the competitive and hugely controlled industries in which RTPY plans to function or Aurora operates, variants in working effectiveness across competitors, modifications in guidelines and laws affecting RTPY’s or Aurora’s business and modifications in the mixed funds framework, (xi) the capacity to put into action business ideas, forecasts, and other expectations after the completion of the proposed transaction, and identify and understand further prospects, and (xii) the hazard of downturns and a shifting regulatory landscape in the highly competitive self-driving business. The foregoing listing of things is not exhaustive. You ought to meticulously take into account the foregoing aspects and the other challenges and uncertainties described in the “Hazard Elements”area of RTPY’s registration statement on Type S-1 (File No. 333-253075), its Quarterly Stories on Variety 10-Q for the durations ended March 31, 2021 and June 30, 2021, respectively, the registration assertion on Type S-4 mentioned below and other documents filed by RTPY from time to time with the SEC. These filings recognize and address other essential risks and uncertainties that could bring about precise occasions and benefits to vary materially from all those contained in the forward-hunting statements. Ahead-looking statements talk only as of the date they are made. Viewers are cautioned not to put undue reliance on ahead-hunting statements, and RTPY and Aurora think no obligation and do not intend to update or revise these ahead-looking statements, whether or not as a end result of new facts, foreseeable future activities, or in any other case. Neither RTPY nor Aurora gives any assurance that both RTPY or Aurora or the put together corporation will obtain its anticipations.
Added Data and Wherever to Find It
This press release relates to a proposed transaction between RTPY and Aurora. This push launch is not a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and does not constitute an give to offer or exchange, or the solicitation of an offer you to invest in or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which this sort of present, sale or exchange would be illegal prior to registration or qualification under the securities rules of any such jurisdiction. RTPY has submitted a registration assertion on Sort S-4 with the SEC (333-257912), which consists of a prospectus and proxy statement of RTPY, referred to as a proxy statement/prospectus. RTPY has mailed a definitive proxy assertion/prospectus and other relevant documents to its shareholders of file as of September 30, 2021, the record date established for the extraordinary normal assembly of shareholders relating to the proposed transaction in between RTPY and Aurora. RTPY also will file other documents pertaining to the proposed transaction with the SEC. In advance of making any voting or financial investment conclusion, buyers and protection holders of RTPY are urged to read through the registration assertion, the proxy assertion/prospectus and all other pertinent documents filed or that will be submitted with the SEC in link with the proposed transaction for the reason that they will incorporate important information about the proposed transaction. Investors and stability holders will be able to receive absolutely free copies of the registration statement, the proxy statement/prospectus and all other appropriate documents filed or that will be filed with the SEC by RTPY as a result of the web page taken care of by the SEC at www.sec.gov. The documents submitted by RTPY with the SEC also could be acquired absolutely free of charge at RTPY’s web-site at https://y.reinventtechnologypartners.com or upon prepared request to c/o Reinvent Money, 215 Park Avenue, Floor 11 New York, NY.
Check out supply edition on businesswire.com: https://www.businesswire.com/news/residence/20211101005550/en/
Contacts
MEDIA:
Aurora:
Khobi Brooklyn
[email protected]
(415) 699-3657
Reinvent Know-how Associates Y:
Ed Trissel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
