Overview

• Joby sold 30.5 million shares at $16.85 each, raising about $513.9–$514 million at roughly an 11% discount to the prior close.
• The company granted a 30‑day overallotment option to underwriters for additional shares, with Morgan Stanley as sole bookrunner and closing expected Oct. 9.
• Shares fell about 9% to 11% in after‑hours and premarket trading following the discounted pricing, reflecting investor concern about dilution.
• Joby said funds will support FAA aircraft certification, expand production capacity, prepare for commercial service, and cover working capital needs.
• As of Q2, Joby reported about $991 million in cash and investments, remains essentially pre‑revenue, and is advancing access and capability through moves such as the Blade passenger business purchase, a partnership with L3Harris, and support from Toyota.