DJ Self-driving Company Aurora In SPAC Deal -- Market Talk
1016 ET - Self-driving company Aurora plans to merge with special-purpose acquisition company Reinvent Technology Partners Y in a deal that would give the startup an equity value of $11B. Aurora develops technology for both the trucking and passenger markets and is the latest self-driving company seeking to tap public markets as startups compete for funding to build out their products. Aurora is expected to generate $2.5B in cash through the deal from money held by the SPAC and a private investment in public equity, or PIPE, associated with the transaction. Self-driving trucking rival TuSimple went public earlier this year while startups Plus and Embark, which also focus on trucking, have also announced SPAC deals. (jennifer.smith@wsj.com)
(END) Dow Jones Newswires
July 15, 2021 10:16 ET (14:16 GMT)
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