NEW YORK, November 02, 2021–(Small business WIRE)–Reinvent Engineering Associates Y (“RTPY”) (NASDAQ: RTPY), a exclusive goal acquisition firm that takes a “undertaking cash at scale” approach to investing, declared that at its Incredible Common Assembly of Shareholders held today, RTPY shareholders voted to approve and adopt the earlier announced company combination arrangement with self-driving company Aurora.
The official final results of the vote will be integrated in a Current Report on Sort 8-K to be filed by RTPY with the Securities and Trade Commission (the “SEC”).
The business enterprise mixture is envisioned to shut on November 3, 2021, topic to the gratification or waiver of customary closing ailments. Upon the closing of the enterprise mix, RTPY will adjust its name to Aurora Innovation, Inc., and common inventory and warrants of the combined company are envisioned to start out buying and selling on November 4, 2021 on Nasdaq less than the ticker symbols “AUR” and “AUROW,” respectively.
Aurora is constructing the technology and small business to commercialize self-driving at scale equally in autonomous trucking and passenger mobility. Aurora’s sector-foremost companions incorporate Toyota, Uber, Volvo and PACCAR. The gross proceeds remaining elevated in this transaction as well as cash on the equilibrium sheet as of November 1, 2021, equals approximately $1.8 billion. Proceeds from the business enterprise mix signify the most significant-ever autonomous automobile or robotics company major increase in a go-general public transaction. This further funds is expected to fund Aurora past the professional launch of Aurora Horizon and the Aurora Driver in 2023, and into 2024.
Established in 2017 by specialists in the self-driving industry, Aurora is on a mission to supply the added benefits of self-driving technological innovation securely, swiftly, and broadly. To transfer each persons and merchandise, the company is creating the Aurora Driver, a platform that provides alongside one another software package, components and info expert services to autonomously function passenger motor vehicles, gentle professional automobiles, and large-responsibility trucks. Aurora is backed by Sequoia Money, Baillie Gifford, money and accounts suggested by T. Rowe Price tag Associates, among the other folks, and is partnered with marketplace leaders which includes Toyota, Uber, Volvo, and PACCAR. Aurora exams its motor vehicles in the Bay Region, Pittsburgh, and Dallas. The enterprise has offices in those people areas as well as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To find out far more, stop by www.aurora.tech.
About Reinvent Engineering Companions Y
Reinvent Technological know-how Associates Y is a special goal acquisition corporation launched by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Technology Associates Y was formed to help a know-how enterprise to innovate and attain entrepreneurship at scale by leveraging its team’s operating experience as founders of iconic engineering businesses, their experience constructing providers as advisors and board associates, and the funds raised in its initial public providing.
Cautionary Statement Regarding Forward Hunting Statements
This push release is made up of selected forward-on the lookout statements in just the meaning of the federal securities guidelines with regard to the proposed transaction concerning Reinvent Technological know-how Companions Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These forward-looking statements normally are discovered by the phrases “believe,” “task,” “hope,” “foresee,” “estimate,” “intend,” “tactic,” “long term,” “option,” “approach,” “might,” “should,” “will,” “would,” “will be,” “proceed,” “very likely,” and similar expressions. Ahead-on the lookout statements are predictions, projections and other statements about long term activities that are based on present anticipations and assumptions and, as a consequence, are subject matter to challenges and uncertainties. Several variables could result in true potential gatherings to vary materially from the ahead-on the lookout statements in this doc, which includes but not constrained to: (i) the risk that the proposed transaction could not be concluded in a timely fashion or at all, which may adversely impact the cost of RTPY’s securities, (ii) the threat that the proposed transaction could not be accomplished by RTPY’s organization mix deadline and the prospective failure to acquire an extension of the business enterprise blend deadline if sought by RTPY, (iii) the failure to satisfy the disorders to the consummation of the proposed transaction set forth in the Settlement and System of Merger, dated as of July 14, 2021 (the “Merger Settlement”), by and amongst RTPY, Aurora and RTPY Merger Sub Inc., a Delaware company and a direct wholly owned subsidiary of RTPY, (iv) the lack of ability to complete the PIPE expense in link with the proposed transaction, (v) the event of any party, transform or other circumstance that could give rise to the termination of the Merger Agreement, (vi) the outcome of the announcement or pendency of the proposed transaction on Aurora’s enterprise associations, functioning outcomes and company frequently, (vii) pitfalls that the proposed transaction disrupts present-day options and operations of Aurora and possible issues in Aurora staff retention as a result of the proposed transaction, (viii) the result of any authorized proceedings or other disputes that could be instituted against Aurora or towards RTPY similar to the Merger Settlement or the proposed transaction or usually, (ix) the capacity to preserve the listing of RTPY’s securities on a national securities exchange, (x) the selling price of RTPY’s securities could be risky due to a wide range of factors, such as variations in the aggressive and very controlled industries in which RTPY options to work or Aurora operates, variations in operating overall performance throughout competitors, improvements in regulations and laws influencing RTPY’s or Aurora’s business enterprise and adjustments in the combined capital construction, (xi) the means to implement enterprise designs, forecasts, and other expectations immediately after the completion of the proposed transaction, and establish and notice extra alternatives, and (xii) the hazard of downturns and a altering regulatory landscape in the highly competitive self-driving sector. The foregoing record of aspects is not exhaustive. You should really diligently take into consideration the foregoing components and the other pitfalls and uncertainties explained in the “Possibility Things” segment of RTPY’s registration assertion on Variety S-1 (File No. 333-253075), its Quarterly Reviews on Kind 10-Q for the periods finished March 31, 2021 and June 30, 2021, respectively, the registration statement on Sort S-4 (File No. 333-257912) and other documents submitted by RTPY from time to time with the SEC. These filings discover and address other significant hazards and uncertainties that could lead to real situations and final results to differ materially from all those contained in the ahead-hunting statements. Forward-searching statements converse only as of the day they are created. Viewers are cautioned not to place undue reliance on ahead-looking statements, and RTPY and Aurora think no obligation and do not intend to update or revise these forward-searching statements, whether as a consequence of new information, potential events, or if not. Neither RTPY nor Aurora offers any assurance that possibly RTPY or Aurora or the put together organization will realize its anticipations.
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Reinvent Technological know-how Partners Y:
Ed Trissel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher