Overview
- The company upsized and priced concurrent offerings totaling $1.2 billion, split between $600 million in convertible senior notes and roughly $600 million of common stock.
- Convertible notes carry a 0.75% coupon, mature in 2032, and have an initial conversion price of $14.19 per share, with capped calls set at $22.70 to limit potential dilution.
- The equity sale comprises about 52.8 million shares at $11.35 each, with both offerings scheduled to settle on February 2, 2026, and 30‑day underwriter options in place.
- Shares fell about 9.1% in premarket trading and closed down roughly 16.7%, on trading volume far above average, as investors reacted to the enlarged financing.
- Joby cites use of proceeds for certification efforts targeting the Middle East in the first half of 2026 and the U.S. in the second half, as well as manufacturing scale‑up and commercial launch preparation, while analysts remain cautious given roughly $500 million in annual cash burn and limited current revenue.