Joby Aviation is an electric air taxi startup that has decided to go public.
Joby Aviation is based in Northern California. It’s a futuristic mobility company that has decided to go public via a reverse merger with a special purpose acquisition company, or SPAC.
Joby is backed by Toyota. It’s merging with Reinvent Technology Partners, run by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus.
Now Joby is adding Hoffman and Pincus to its board along with other Silicone Valley veterans as the company prepares to go public through a merger. It includes Google General Counsel Halimah DeLaine Prado, Toyota Motor Corp board member and operating officer James Kuffner, and former Southwest Airlines CFO Laura Wright.
Reinvent Technology Partners is a ‘blank-check’ company that will involve in a reverse merger deal with Joby.
Joby will get $1.6 billion in cash and have a post-money valuation of $6.6 billion after the merger. The combined company after the deal will be called Joby Aviation Inc and will trade on the New York Stock Exchange.