NEW YORK, November 02, 2021–(Enterprise WIRE)–Reinvent Technological innovation Partners Y (“RTPY”) (NASDAQ: RTPY), a specific goal acquisition business that requires a “venture capital at scale” method to investing, introduced that at its Amazing Normal Meeting of Shareholders held nowadays, RTPY shareholders voted to approve and adopt the beforehand introduced business mixture arrangement with self-driving firm Aurora.
The official success of the vote will be involved in a Recent Report on Type 8-K to be submitted by RTPY with the Securities and Exchange Fee (the “SEC”).
The company combination is envisioned to shut on November 3, 2021, subject matter to the gratification or waiver of customary closing conditions. Upon the closing of the business enterprise mixture, RTPY will modify its title to Aurora Innovation, Inc., and prevalent stock and warrants of the mixed firm are predicted to commence trading on November 4, 2021 on Nasdaq less than the ticker symbols “AUR” and “AUROW,” respectively.
Aurora is constructing the technology and company to commercialize self-driving at scale equally in autonomous trucking and passenger mobility. Aurora’s field-leading associates include Toyota, Uber, Volvo and PACCAR. The gross proceeds remaining raised in this transaction furthermore dollars on the harmony sheet as of November 1, 2021, equals about $1.8 billion. Proceeds from the small business mixture symbolize the greatest-ever autonomous vehicle or robotics organization primary raise in a go-public transaction. This more funds is predicted to fund Aurora over and above the professional launch of Aurora Horizon and the Aurora Driver in 2023, and into 2024.
Launched in 2017 by professionals in the self-driving sector, Aurora is on a mission to produce the added benefits of self-driving engineering securely, immediately, and broadly. To shift both of those people and merchandise, the firm is constructing the Aurora Driver, a platform that delivers together program, hardware and knowledge services to autonomously run passenger automobiles, gentle professional cars, and significant-obligation vans. Aurora is backed by Sequoia Funds, Baillie Gifford, money and accounts recommended by T. Rowe Price Associates, amid others, and is partnered with field leaders which include Toyota, Uber, Volvo, and PACCAR. Aurora exams its cars in the Bay Region, Pittsburgh, and Dallas. The firm has offices in people areas as effectively as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To learn additional, pay a visit to www.aurora.tech.
About Reinvent Engineering Partners Y
Reinvent Engineering Associates Y is a special function acquisition business established by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Engineering Companions Y was formed to support a know-how business enterprise to innovate and obtain entrepreneurship at scale by leveraging its team’s functioning working experience as founders of iconic technological innovation businesses, their working experience developing organizations as advisors and board associates, and the capital raised in its initial community giving.
Cautionary Statement About Ahead On the lookout Statements
This press release contains specified ahead-on the lookout statements inside the that means of the federal securities legislation with regard to the proposed transaction amongst Reinvent Know-how Associates Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These ahead-wanting statements usually are recognized by the phrases “think,” “undertaking,” “assume,” “foresee,” “estimate,” “intend,” “method,” “future,” “option,” “system,” “may possibly,” “should,” “will,” “would,” “will be,” “proceed,” “possible,” and similar expressions. Ahead-hunting statements are predictions, projections and other statements about potential situations that are dependent on recent expectations and assumptions and, as a final result, are matter to pitfalls and uncertainties. Several things could lead to actual foreseeable future events to vary materially from the ahead-searching statements in this doc, which includes but not restricted to: (i) the possibility that the proposed transaction could not be concluded in a well timed fashion or at all, which could adversely affect the value of RTPY’s securities, (ii) the risk that the proposed transaction might not be done by RTPY’s company mixture deadline and the potential failure to receive an extension of the organization blend deadline if sought by RTPY, (iii) the failure to satisfy the ailments to the consummation of the proposed transaction established forth in the Agreement and Prepare of Merger, dated as of July 14, 2021 (the “Merger Agreement”), by and between RTPY, Aurora and RTPY Merger Sub Inc., a Delaware company and a direct wholly owned subsidiary of RTPY, (iv) the incapability to finish the PIPE financial commitment in link with the proposed transaction, (v) the occurrence of any event, adjust or other circumstance that could give increase to the termination of the Merger Settlement, (vi) the result of the announcement or pendency of the proposed transaction on Aurora’s enterprise interactions, working results and small business normally, (vii) threats that the proposed transaction disrupts present strategies and operations of Aurora and potential complications in Aurora worker retention as a consequence of the proposed transaction, (viii) the final result of any legal proceedings or other disputes that may well be instituted from Aurora or versus RTPY related to the Merger Arrangement or the proposed transaction or normally, (ix) the skill to manage the listing of RTPY’s securities on a national securities trade, (x) the selling price of RTPY’s securities could be risky owing to a variety of aspects, including changes in the competitive and highly controlled industries in which RTPY options to work or Aurora operates, variants in operating effectiveness across competition, alterations in guidelines and polices influencing RTPY’s or Aurora’s small business and adjustments in the mixed capital structure, (xi) the ability to carry out small business options, forecasts, and other anticipations after the completion of the proposed transaction, and identify and know additional possibilities, and (xii) the danger of downturns and a switching regulatory landscape in the really competitive self-driving market. The foregoing listing of things is not exhaustive. You need to very carefully consider the foregoing elements and the other dangers and uncertainties described in the “Threat Aspects” portion of RTPY’s registration statement on Sort S-1 (File No. 333-253075), its Quarterly Reviews on Kind 10-Q for the intervals finished March 31, 2021 and June 30, 2021, respectively, the registration assertion on Sort S-4 (File No. 333-257912) and other documents filed by RTPY from time to time with the SEC. These filings identify and address other important pitfalls and uncertainties that could result in genuine activities and benefits to differ materially from all those contained in the forward-looking statements. Ahead-looking statements communicate only as of the date they are designed. Viewers are cautioned not to put undue reliance on ahead-searching statements, and RTPY and Aurora think no obligation and do not intend to update or revise these ahead-looking statements, no matter if as a final result of new information, upcoming occasions, or in any other case. Neither RTPY nor Aurora presents any assurance that either RTPY or Aurora or the blended firm will realize its anticipations.
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Reinvent Engineering Partners Y:
Ed Trissel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher