Overview

• The company sold 30.5 million shares at $16.85 each, roughly an 11% discount to Tuesday’s close of $18.91.
• Shares fell more than 11% Wednesday on dilution concerns following the offering’s pricing.
• Underwriters received a 30-day option to buy up to about 4.6 million additional shares, with Morgan Stanley serving as sole bookrunner.
• The deal totals about $513.9 million in gross proceeds and is expected to close on Oct. 9, pending customary conditions.
• Backed by Toyota, the eVTOL developer reported about $991 million in Q2 liquidity and is pursuing moves such as Blade integration and an L3Harris partnership.