* Reinvent Engineering Companions Y (RTPY) expects to entire its company mix, subject matter to shareholder approval, on November 3, 2021
* Buyers in the PIPE contain Baillie Gifford, resources and accounts managed by Counterpoint World (Morgan Stanley), Fidelity Management and Exploration LLC, funds and accounts suggested by T. Rowe Rate Associates, Inc., PACCAR, Volvo, and Uber
* Proceeds from the enterprise mixture symbolize the most significant-ever Autonomous Automobile or Robotics business principal elevate in a go-community transaction
NEW YORK, November 01, 2021–(Business enterprise WIRE)–Reinvent Know-how Partners Y (“RTPY”) (NASDAQ: RTPY) these days declared that subject to RTPY shareholder approval, it expects to total its beforehand declared company mix with self-driving company Aurora on November 3, 2021.
Aurora is building the technology and business to commercialize self-driving at scale both in autonomous trucking and passenger mobility. Aurora’s sector-top partners involve Toyota, Uber, Volvo and PACCAR. The gross proceeds becoming elevated in this transaction additionally cash on the balance sheet as of November 1, 2021, equals close to $1.8 billion. This more money is anticipated 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 trader fascination and assistance for this transaction, and are excited about the potential of Aurora’s company,” explained Mark Pincus, Co-Founder and Director of Reinvent Technologies Associates Y. “We believe Aurora will be the very first to commercialize self-driving technological innovation at scale for the U.S. trucking and passenger transportation marketplaces thanks to its world-course staff, industry-major engineering and sector-main partnerships.”
“On behalf of the entire Aurora workforce, we are encouraged by the early assistance for this transaction and seem ahead to accelerating our development toward commercializing our self-driving technological innovation with the help of our partners and the Reinvent group,” stated Chris Urmson, Co-Founder and Chief Executive Officer of Aurora. “Upon the closing, this new money will more guidance our timeline toward providing the technologies to make the movement of items and people today safer, far more reputable, and effective.”
RTPY also declared right now that the deadline for shareholders to withdraw any election to have their shares redeemed in relationship with the Company Mix will be 5:00 p.m. Eastern Time on Tuesday, November 2, 2021. Shareholders who wish to withdraw a redemption request should really contact RTPY’s transfer agent, Continental Inventory Transfer & Trust Firm, by e-mail at [email protected]
The enterprise mix, if authorized by RTPY shareholders, is predicted to shut on November 3, 2021. Upon the closing of the company combination, RTPY will modify its title to Aurora Innovation, Inc., and prevalent stock and warrants of the merged firm are anticipated to begin buying and selling on November 4, 2021 on Nasdaq below the ticker symbols “AUR” and “AUROW,” respectively.
To spend in Aurora, individuals can buy public shares of RTPY and keep them as a result of the closing of the small business mixture, at which time their RTPY shares will instantly transform to typical inventory of the publicly mentioned Aurora on a 1:1 foundation.
The Amazing Normal Assembly of Shareholders is scheduled to come about on November 2, 2021 at 12:00 p.m. ET. Free copies of the proxy assertion and all appropriate documents filed or that will be submitted with the U.S Securities and Exchange Fee (“SEC”) by RTPY (when readily available) can also be received by shareholders as a result of the site taken care of by the SEC at http://www.sec.gov. The documents filed by RTPY with the SEC may perhaps also be acquired absolutely free of charge at RTPY’s web page at https://y.reinventtechnologypartners.com/trader-relations or by prepared request to: Reinvent Engineering Companions Y, 215 Park Avenue, Ground 11, New York, NY 10003.
Started in 2017 by authorities in the self-driving sector, Aurora is on a mission to provide the rewards of self-driving technology securely, immediately, and broadly. To go the two individuals and products, the firm is making the Aurora Driver, a platform that brings collectively software, components and details solutions to autonomously run passenger automobiles, light-weight industrial vehicles, and large-duty vans. Aurora is backed by Sequoia Funds, Baillie Gifford, funds and accounts advised by T. Rowe Selling price Associates, among the other people, and is partnered with sector leaders such as Toyota, Uber, Volvo, and PACCAR. Aurora assessments its vehicles in the Bay Area, Pittsburgh, and Dallas. The business has workplaces in all those locations as well as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To learn far more, pay a visit to www.aurora.tech.
About Reinvent Technological innovation Associates Y
Reinvent Know-how Associates Y is a distinctive goal acquisition enterprise launched by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Technological innovation Associates Y was shaped to assistance a technological know-how company to innovate and achieve entrepreneurship at scale by leveraging its team’s functioning experience as founders of iconic technologies providers, their knowledge creating companies as advisors and board associates, and the money raised in its first general public featuring.
Cautionary Statement Regarding Ahead Hunting Statements
This push release incorporates sure ahead-on the lookout statements in the which means of the federal securities rules with regard to the proposed transaction between Reinvent Technological know-how Associates Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These ahead-wanting statements typically are determined by the phrases “feel,” “task,” “be expecting,” “anticipate,” “estimate,” “intend,” “approach,” “potential,” “prospect,” “program,” “may perhaps,” “need to,” “will,” “would,” “will be,” “carry on,” “probably,” and identical expressions. Ahead-looking statements are predictions, projections and other statements about potential activities that are primarily based on recent anticipations and assumptions and, as a outcome, are issue to threats and uncertainties. A lot of elements could result in actual future activities to vary materially from the forward-looking statements in this doc, including but not constrained to: (i) the possibility that the proposed transaction may possibly not be finished in a well timed way or at all, which may adversely have an affect on the rate of RTPY’s securities, (ii) the chance that the proposed transaction may well not be finished by RTPY’s business enterprise mix deadline and the prospective failure to get an extension of the business enterprise blend deadline if sought by RTPY, (iii) the failure to fulfill the conditions to the consummation of the proposed transaction, which include the adoption of the Arrangement and Program of Merger, dated as of July 14, 2021 (the “Merger Agreement”), by and amid RTPY, Aurora and RTPY Merger Sub Inc., a Delaware company and a direct wholly owned subsidiary of RTPY, by the shareholders of RTPY, the satisfaction of the bare minimum cash condition next redemptions by RTPY’s community shareholders and the receipt of specified governmental and regulatory approvals, (iv) the lack of ability to entire the PIPE financial investment in connection with the proposed transaction, (v) the occurrence of any celebration, adjust or other circumstance that could give rise to the termination of the Merger Arrangement, (vi) the influence of the announcement or pendency of the proposed transaction on Aurora’s organization associations, functioning outcomes and company typically, (vii) dangers that the proposed transaction disrupts present plans and functions of Aurora and opportunity troubles in Aurora worker retention as a outcome of the proposed transaction, (viii) the final result of any authorized proceedings or other disputes that may be instituted against Aurora or from RTPY connected to the Merger Arrangement or the proposed transaction or otherwise, (ix) the potential to maintain the listing of RTPY’s securities on a countrywide securities trade, (x) the value of RTPY’s securities may perhaps be risky owing to a variety of variables, together with changes in the competitive and extremely regulated industries in which RTPY options to operate or Aurora operates, versions in working functionality across competition, improvements in regulations and restrictions affecting RTPY’s or Aurora’s business and changes in the put together cash construction, (xi) the capability to implement enterprise plans, forecasts, and other expectations following the completion of the proposed transaction, and establish and understand more chances, and (xii) the possibility of downturns and a transforming regulatory landscape in the hugely competitive self-driving business. The foregoing listing of things is not exhaustive. You should really meticulously take into consideration the foregoing components and the other risks and uncertainties described in the “Threat Elements”part of RTPY’s registration assertion on Form S-1 (File No. 333-253075), its Quarterly Stories on Kind 10-Q for the durations finished March 31, 2021 and June 30, 2021, respectively, the registration statement on Form S-4 mentioned below and other paperwork submitted by RTPY from time to time with the SEC. These filings recognize and address other essential dangers and uncertainties that could cause true occasions and benefits to differ materially from people contained in the ahead-wanting statements. Forward-wanting statements discuss only as of the day they are produced. Readers are cautioned not to place undue reliance on ahead-hunting statements, and RTPY and Aurora presume no obligation and do not intend to update or revise these forward-seeking statements, whether as a outcome of new info, long term functions, or in any other case. Neither RTPY nor Aurora presents any assurance that possibly RTPY or Aurora or the blended organization will reach its expectations.
Further Data and In which to Come across It
This press release relates to a proposed transaction concerning RTPY and Aurora. This press release is not a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and does not constitute an provide to provide or trade, or the solicitation of an provide to invest in or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which this sort of provide, sale or trade would be illegal prior to registration or qualification below the securities rules of any such jurisdiction. RTPY has submitted a registration statement on Variety S-4 with the SEC (333-257912), which consists of a prospectus and proxy statement of RTPY, referred to as a proxy assertion/prospectus. RTPY has mailed a definitive proxy statement/prospectus and other pertinent files to its shareholders of record as of September 30, 2021, the history day proven for the remarkable normal meeting of shareholders relating to the proposed transaction among RTPY and Aurora. RTPY also will file other files relating to the proposed transaction with the SEC. Before generating any voting or financial investment determination, buyers and security holders of RTPY are urged to read the registration assertion, the proxy assertion/prospectus and all other pertinent documents submitted or that will be filed with the SEC in relationship with the proposed transaction for the reason that they will contain important data about the proposed transaction. Investors and security holders will be able to receive totally free copies of the registration statement, the proxy statement/prospectus and all other applicable documents filed or that will be submitted with the SEC by RTPY by way of the web-site maintained by the SEC at www.sec.gov. The documents filed by RTPY with the SEC also may well be attained cost-free of cost at RTPY’s site at https://y.reinventtechnologypartners.com or upon composed request to c/o Reinvent Capital, 215 Park Avenue, Flooring 11 New York, NY.
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Reinvent Technology Partners Y:
Ed Trissel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher