Friday, July 21, 2023

"Autonomous vehicle company Aurora sells $820M worth of stock"

Ships, trucks and mining machines are where the autonomous action is. Mr. Musk may be on to a $10 trillion opportunity in passenger vehicles but that is still some ways away.

From TechCrunch, July 20:

Aurora Innovation, the self-driving technology company that aims to launch an autonomous trucking business in 2024, has completed a capital raise of $820 million from a public and concurrent private offering of its stock. The company expects the deal to close Friday.

The stock sale will help fund Aurora through commercial launch at the end of next year and “well into 2025,” according to the company. Aurora said in November 2022 that it had enough money to get to mid-2024. The pre-revenue company has repeatedly said it would need to raise again to make it to launch and beyond.

In September 2022, a leaked memo showed that Aurora’s CEO, Chris Urmson, had been weighing a range of options to preserve the company’s cash position, including spinouts, layoffs, acquisitions and, of course, raises. In the memo, Urmson said there was value in finding “a path to raise $300 million in the next year to add around six months to our runway.”

In April, Aurora filed for a proposed mixed shelf offering to raise $350 million.....
.... Shares were trading at $3.22 Tuesday at close before dropping sharply in after-hours trading to $2.87. Aurora’s stock price closed Thursday at $2.92....