Joby Aviation Inc. (NYSE:JOBY) slid in premarket trading Wednesday after pricing a $513.9 million underwritten offering, as investors weighed near-term dilution against the company’s push toward FAA certification and commercial eVTOL service.
The California-based air mobility firm priced 30.5 million shares at $16.85 each, raising roughly $513.9 million. This represents a 10.9% discount to Tuesday’s closing price of $18.91. It also granted underwriters a 30-day option to buy up to 4.6 million additional shares. The deal, led by Morgan Stanley, is expected to close on October 9, pending customary conditions.
