Joby Aviation Falls 4% After $500 Million Acquisition and $750 Million Stock Sale Plan
Updated
Updated · Yahoo Finance · Aug 11
Joby Aviation Falls 4% After $500 Million Acquisition and $750 Million Stock Sale Plan
1 articles · Updated · Yahoo Finance · Aug 11
Summary
$8.43 marked Joby Aviation’s close on Aug. 11, down 4.26% after the air-taxi developer unveiled a $500 million acquisition of defense technology company Resonant Sciences and a $750 million at-the-market equity sale.
51.3 million shares changed hands—about 27% above Joby’s three-month average—as investors focused on the immediate dilution risk from new stock issuance while the company still needs cash for certification, manufacturing and commercial launch.
Resonant brings RF, sensing, mission-systems and low-observability aircraft design capabilities; Joby said the deal would combine those assets with its dual-use aircraft, propulsion and autonomy technologies.
Resonant said its sales rose 40% to $100 million over the last year and it reached adjusted EBITDA profitability, but Joby shares are already down 51% over 12 months and 20% since its 2020 IPO.