- SPAC Reinvent Technology Partners (RTP), which is backed by LinkedIn co-founder Reid Hoffman and Zynga co-founder Mark Pincus, jumped 21% in premarket trading after confirming deal to take flying taxi co. Joby Aviation public.
- The transaction values the combined company at $6.6b post-money equity value and is expected to provide approximately $1.6b in gross proceeds.
- The deal includes $910m of fully committed funding anchored by strategic partners and institutional investors including Uber, Baupost Group, funds and accounts managed by BlackRock, Fidelity and Baillie Gifford.
- The transaction is expected to close in Q2 and the new company will be named Joby Aviation and trade on the NYSE.
- Recall Feb. 11, LinkedIn co-founder's SPAC close to deal to with flying taxi co. Joby Aviation , FT says.