Reinvent Technologies Partners Y Announces Shareholder Approval of Proposed Business enterprise Blend with Aurora
NEW YORK, November 02, 2021–(Organization WIRE)–Reinvent Technology Associates Y (“RTPY”) (NASDAQ: RTPY), a exclusive goal acquisition organization that can take a “enterprise funds at scale” solution to investing, announced that at its Extraordinary General Assembly of Shareholders held nowadays, RTPY shareholders voted to approve and undertake the earlier introduced business enterprise mixture settlement with self-driving company Aurora.
The official effects of the vote will be incorporated in a Present-day Report on Sort 8-K to be submitted by RTPY with the Securities and Trade Commission (the “SEC”).
The enterprise mix is predicted to close on November 3, 2021, subject to the pleasure or waiver of customary closing circumstances. Upon the closing of the small business blend, RTPY will modify its identify to Aurora Innovation, Inc., and prevalent stock and warrants of the mixed organization are predicted to get started buying and selling on November 4, 2021 on Nasdaq less than the ticker symbols “AUR” and “AUROW,” respectively.
Aurora is making the technological innovation and small business to commercialize self-driving at scale both equally in autonomous trucking and passenger mobility. Aurora’s business-major associates contain Toyota, Uber, Volvo and PACCAR. The gross proceeds currently being raised in this transaction moreover money on the stability sheet as of November 1, 2021, equals approximately $1.8 billion. Proceeds from the organization mixture signify the most significant-at any time autonomous motor vehicle or robotics business key increase in a go-public transaction. This further capital is anticipated to fund Aurora further than the professional start of Aurora Horizon and the Aurora Driver in 2023, and into 2024.
Started in 2017 by industry experts in the self-driving marketplace, Aurora is on a mission to produce the gains of self-driving know-how safely, immediately, and broadly. To transfer both individuals and goods, the company is constructing the Aurora Driver, a platform that provides collectively program, hardware and details providers to autonomously run passenger automobiles, light commercial motor vehicles, and weighty-obligation vehicles. Aurora is backed by Sequoia Money, Baillie Gifford, resources and accounts recommended by T. Rowe Cost Associates, between others, and is partnered with market leaders such as Toyota, Uber, Volvo, and PACCAR. Aurora checks its automobiles in the Bay Space, Pittsburgh, and Dallas. The enterprise has places of work in people places as perfectly as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To find out additional, check out www.aurora.tech.
About Reinvent Engineering Associates Y
Reinvent Technological innovation Partners Y is a special reason acquisition business started by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Know-how Associates Y was formed to help a technology business to innovate and accomplish entrepreneurship at scale by leveraging its team’s functioning encounter as founders of iconic engineering firms, their encounter creating firms as advisors and board customers, and the cash lifted in its initial public featuring.
Cautionary Assertion Concerning Forward Hunting Statements
This press release incorporates specific ahead-wanting statements inside of the this means of the federal securities legal guidelines with respect to the proposed transaction involving Reinvent Know-how Associates Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These forward-hunting statements usually are recognized by the terms “think,” “undertaking,” “anticipate,” “foresee,” “estimate,” “intend,” “method,” “foreseeable future,” “prospect,” “system,” “may perhaps,” “should,” “will,” “would,” “will be,” “continue,” “possible,” and identical expressions. Ahead-wanting statements are predictions, projections and other statements about upcoming events that are centered on latest anticipations and assumptions and, as a consequence, are issue to risks and uncertainties. Numerous variables could bring about genuine potential gatherings to vary materially from the ahead-seeking statements in this document, including but not confined to: (i) the chance that the proposed transaction may well not be completed in a timely fashion or at all, which may well adversely have an effect on the selling price of RTPY’s securities, (ii) the risk that the proposed transaction could not be accomplished by RTPY’s business mixture deadline and the probable failure to obtain an extension of the organization combination deadline if sought by RTPY, (iii) the failure to satisfy the conditions to the consummation of the proposed transaction established forth in the Agreement and Prepare of Merger, dated as of July 14, 2021 (the “Merger Settlement”), by and among the RTPY, Aurora and RTPY Merger Sub Inc., a Delaware company and a immediate wholly owned subsidiary of RTPY, (iv) the lack of ability to full the PIPE expense in connection with the proposed transaction, (v) the event of any celebration, change or other circumstance that could give rise to the termination of the Merger Agreement, (vi) the impact of the announcement or pendency of the proposed transaction on Aurora’s enterprise associations, functioning benefits and company frequently, (vii) pitfalls that the proposed transaction disrupts existing ideas and functions of Aurora and likely issues in Aurora staff retention as a result of the proposed transaction, (viii) the consequence of any lawful proceedings or other disputes that may possibly be instituted versus Aurora or in opposition to RTPY linked to the Merger Arrangement or the proposed transaction or in any other case, (ix) the capacity to preserve the listing of RTPY’s securities on a nationwide securities exchange, (x) the cost of RTPY’s securities may possibly be unstable because of to a assortment of elements, such as modifications in the aggressive and remarkably regulated industries in which RTPY options to run or Aurora operates, versions in working overall performance across opponents, variations in laws and polices affecting RTPY’s or Aurora’s small business and changes in the combined cash construction, (xi) the potential to apply organization programs, forecasts, and other anticipations after the completion of the proposed transaction, and identify and realize further possibilities, and (xii) the threat of downturns and a altering regulatory landscape in the hugely aggressive self-driving sector. The foregoing record of variables is not exhaustive. You ought to thoroughly take into account the foregoing variables and the other pitfalls and uncertainties explained in the “Threat Components” area of RTPY’s registration statement on Sort S-1 (File No. 333-253075), its Quarterly Reviews on Form 10-Q for the durations finished March 31, 2021 and June 30, 2021, respectively, the registration statement on Kind S-4 (File No. 333-257912) and other paperwork filed by RTPY from time to time with the SEC. These filings identify and handle other important hazards and uncertainties that could trigger real situations and outcomes to differ materially from these contained in the forward-seeking statements. Forward-wanting statements communicate only as of the date they are created. Viewers are cautioned not to set undue reliance on forward-on the lookout statements, and RTPY and Aurora presume no obligation and do not intend to update or revise these forward-searching statements, whether as a outcome of new information and facts, potential gatherings, or or else. Neither RTPY nor Aurora provides any assurance that possibly RTPY or Aurora or the combined firm will achieve its anticipations.
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Reinvent Engineering Associates Y:
Ed Trissel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher