Aurora Innovation, has successfully closed its previously announced upsized public offering of Class A common stock, generating gross proceeds of approximately $483 million. This significant capital infusion bolsters Aurora's liquidity, which stood at $1 billion at the end of June, providing a financial runway well into 2026.
Aurora sold 134,166,667 shares at a price of $3.60 per share, including the full exercise of the underwriters' option to purchase an additional 17,500,000 shares. The offering was managed by Goldman Sachs & Co. LLC, Allen & Company LLC, and Morgan Stanley, with support from Evercore ISI, Canaccord Genuity, TD Cowen, and Wolfe | Nomura Alliance.
The funds raised are expected to support the initial phase of Aurora's scaling strategy. The company is preparing to launch driverless trucks in Texas by the end of this year. CEO Chris Urmson expressed enthusiasm about the company's momentum, stating, "I feel energized by this momentum as we prepare to launch driverless trucks in Texas, planned for the end of this year."
Urmson also highlighted the reasons for continued investor confidence in Aurora: "They have confidence in our leadership and responsible approach to technology. They recognize our partner ecosystem is unmatched in the industry, putting us on a path to scaling a highly profitable business. They believe in the benefit of the technology and the economic opportunity it will create."
Aurora's leadership envisions a future where goods move safely 24/7/365 on driverless trucks. Addressing the current challenges in the trucking industry, Urmson noted, "Trucking is the backbone of the American economy, but our supply chains are fragile, and the number of people who want to drive trucks has not kept up with the demand to move goods. Trucking, as it stands today, is also dangerous – there are now half a million crashes involving trucks resulting in nearly 6,000 deaths every year. Simply put, this technology can’t come soon enough."
Aurora's dedication to advancing self-driving technology is reflected in its flagship product, the Aurora Driver. This self-driving system is designed to operate a variety of vehicle types, including freight trucks and passenger ride-hailing vehicles. The company leverages this technology to offer driver-as-a-service products for both the trucking and ride-hailing sectors.
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