NEW YORK, November 02, 2021–(Business WIRE)–Reinvent Technological know-how Associates Y (“RTPY”) (NASDAQ: RTPY), a distinctive reason acquisition company that will take a “venture funds at scale” strategy to investing, announced that at its Remarkable General Meeting of Shareholders held now, RTPY shareholders voted to approve and adopt the formerly announced business blend arrangement with self-driving enterprise Aurora.
The formal benefits of the vote will be bundled in a Current Report on Form 8-K to be filed by RTPY with the Securities and Exchange Fee (the “SEC”).
The enterprise combination is anticipated to near on November 3, 2021, subject to the fulfillment or waiver of customary closing disorders. On the closing of the enterprise mixture, RTPY will transform its title to Aurora Innovation, Inc., and frequent inventory and warrants of the merged business are anticipated to start out buying and selling on November 4, 2021 on Nasdaq below the ticker symbols “AUR” and “AUROW,” respectively.
Aurora is building the know-how and business enterprise to commercialize self-driving at scale both of those in autonomous trucking and passenger mobility. Aurora’s business-top associates include things like Toyota, Uber, Volvo and PACCAR. The gross proceeds currently being elevated in this transaction as well as cash on the balance sheet as of November 1, 2021, equals roughly $1.8 billion. Proceeds from the company combination stand for the greatest-ever autonomous motor vehicle or robotics company key elevate in a go-community transaction. This additional money is anticipated to fund Aurora further than the industrial launch of Aurora Horizon and the Aurora Driver in 2023, and into 2024.
Started in 2017 by industry experts in the self-driving field, Aurora is on a mission to deliver the added benefits of self-driving technological innovation securely, immediately, and broadly. To move both equally individuals and merchandise, the corporation is creating the Aurora Driver, a system that delivers together software package, hardware and info expert services to autonomously work passenger motor vehicles, mild professional autos, and heavy-duty trucks. Aurora is backed by Sequoia Money, Baillie Gifford, resources and accounts advised by T. Rowe Selling price Associates, among the others, and is partnered with field leaders which include Toyota, Uber, Volvo, and PACCAR. Aurora tests its vehicles in the Bay Area, Pittsburgh, and Dallas. The business has offices in those people areas as effectively as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To find out far more, visit www.aurora.tech.
About Reinvent Technological innovation Companions Y
Reinvent Know-how Companions Y is a exclusive goal acquisition enterprise founded by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Technological innovation Companions Y was shaped to help a engineering business to innovate and obtain entrepreneurship at scale by leveraging its team’s operating encounter as founders of iconic know-how companies, their practical experience making companies as advisors and board associates, and the funds elevated in its initial public providing.
Cautionary Statement Concerning Ahead Seeking Statements
This press release incorporates particular forward-hunting statements within the indicating of the federal securities legal guidelines with respect to the proposed transaction amongst Reinvent Know-how Partners Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These forward-on the lookout statements commonly are recognized by the terms “believe,” “challenge,” “hope,” “anticipate,” “estimate,” “intend,” “approach,” “long term,” “chance,” “program,” “may perhaps,” “ought to,” “will,” “would,” “will be,” “carry on,” “probably,” and identical expressions. Ahead-searching statements are predictions, projections and other statements about long run activities that are centered on recent anticipations and assumptions and, as a final result, are issue to pitfalls and uncertainties. Numerous variables could result in actual upcoming situations to differ materially from the forward-wanting statements in this doc, together with but not confined to: (i) the risk that the proposed transaction could not be accomplished in a well timed manner or at all, which may possibly adversely have an effect on the price tag of RTPY’s securities, (ii) the threat that the proposed transaction may perhaps not be done by RTPY’s business enterprise mix deadline and the opportunity failure to get an extension of the organization combination deadline if sought by RTPY, (iii) the failure to fulfill the ailments to the consummation of the proposed transaction established forth in the Arrangement and Approach of Merger, dated as of July 14, 2021 (the “Merger Settlement”), by and amid RTPY, Aurora and RTPY Merger Sub Inc., a Delaware company and a immediate wholly owned subsidiary of RTPY, (iv) the incapability to full the PIPE investment in connection with the proposed transaction, (v) the event of any function, improve or other circumstance that could give rise to the termination of the Merger Settlement, (vi) the outcome of the announcement or pendency of the proposed transaction on Aurora’s business relationships, operating outcomes and organization frequently, (vii) pitfalls that the proposed transaction disrupts existing programs and functions of Aurora and possible difficulties in Aurora personnel retention as a result of the proposed transaction, (viii) the consequence of any authorized proceedings or other disputes that may be instituted from Aurora or versus RTPY connected to the Merger Settlement or the proposed transaction or normally, (ix) the skill to maintain the listing of RTPY’s securities on a national securities exchange, (x) the selling price of RTPY’s securities might be volatile owing to a variety of elements, including adjustments in the aggressive and extremely regulated industries in which RTPY plans to function or Aurora operates, variants in running efficiency throughout competition, changes in guidelines and restrictions impacting RTPY’s or Aurora’s company and changes in the merged cash framework, (xi) the capacity to put into practice business enterprise designs, forecasts, and other expectations following the completion of the proposed transaction, and establish and understand extra opportunities, and (xii) the possibility of downturns and a modifying regulatory landscape in the hugely competitive self-driving field. The foregoing checklist of aspects is not exhaustive. You should really cautiously take into consideration the foregoing variables and the other dangers and uncertainties explained in the “Risk Variables” area of RTPY’s registration statement on Sort S-1 (File No. 333-253075), its Quarterly Experiences on Sort 10-Q for the intervals finished March 31, 2021 and June 30, 2021, respectively, the registration assertion on Variety S-4 (File No. 333-257912) and other documents submitted by RTPY from time to time with the SEC. These filings discover and handle other important dangers and uncertainties that could result in real functions and final results to vary materially from those people contained in the ahead-wanting statements. Ahead-hunting statements communicate only as of the date they are created. Viewers are cautioned not to put undue reliance on forward-on the lookout statements, and RTPY and Aurora think no obligation and do not intend to update or revise these forward-hunting statements, no matter if as a consequence of new info, foreseeable future occasions, or otherwise. Neither RTPY nor Aurora gives any assurance that either RTPY or Aurora or the merged firm will obtain its anticipations.
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Reinvent Technologies Associates Y:
Ed Trissel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher