NEW YORK–(Company WIRE)–Reinvent Engineering Partners Y (“RTPY”) (NASDAQ: RTPY), a unique reason acquisition business that usually takes a “venture cash at scale” technique to investing, declared that at its Extraordinary Typical Assembly of Shareholders held nowadays, RTPY shareholders voted to approve and adopt the beforehand declared company mix arrangement with self-driving enterprise Aurora.
The formal outcomes of the vote will be bundled in a Recent Report on Variety 8-K to be filed by RTPY with the Securities and Exchange Fee (the “SEC”).
The business combination is expected to shut on November 3, 2021, subject matter to the pleasure or waiver of customary closing circumstances. Upon the closing of the business enterprise mix, RTPY will adjust its identify to Aurora Innovation, Inc., and popular stock and warrants of the merged corporation are anticipated to start trading on November 4, 2021 on Nasdaq underneath the ticker symbols “AUR” and “AUROW,” respectively.
Aurora is setting up the technological innovation and enterprise to commercialize self-driving at scale both in autonomous trucking and passenger mobility. Aurora’s field-foremost companions include things like Toyota, Uber, Volvo and PACCAR. The gross proceeds staying raised in this transaction as well as funds on the equilibrium sheet as of November 1, 2021, equals close to $1.8 billion. Proceeds from the organization combination signify the largest-ever autonomous motor vehicle or robotics business primary elevate in a go-general public transaction. This extra capital is expected to fund Aurora over and above the industrial start of Aurora Horizon and the Aurora Driver in 2023, and into 2024.
Established in 2017 by specialists in the self-driving field, Aurora is on a mission to produce the gains of self-driving technological know-how safely and securely, rapidly, and broadly. To transfer the two men and women and products, the company is setting up the Aurora Driver, a system that provides collectively program, hardware and details services to autonomously function passenger motor vehicles, light-weight professional autos, and major-obligation trucks. Aurora is backed by Sequoia Money, Baillie Gifford, cash and accounts recommended by T. Rowe Rate Associates, among the some others, and is partnered with business leaders which includes Toyota, Uber, Volvo, and PACCAR. Aurora checks its autos in the Bay Space, Pittsburgh, and Dallas. The company has offices in those people areas as very well as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To master much more, stop by www.aurora.tech.
About Reinvent Technological know-how Companions Y
Reinvent Engineering Associates Y is a particular purpose acquisition organization founded by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Technological know-how Companions Y was shaped to support a engineering organization to innovate and accomplish entrepreneurship at scale by leveraging its team’s working encounter as founders of legendary technologies firms, their encounter setting up corporations as advisors and board members, and the funds raised in its original community providing.
Cautionary Statement Pertaining to Forward Hunting Statements
This press launch incorporates specified ahead-looking statements inside the indicating of the federal securities guidelines with regard to the proposed transaction involving Reinvent Engineering Partners Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These forward-hunting statements frequently are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “continue,” “likely,” and equivalent expressions. Forward-on the lookout statements are predictions, projections and other statements about long run gatherings that are dependent on recent anticipations and assumptions and, as a end result, are topic to hazards and uncertainties. Quite a few factors could lead to actual future gatherings to vary materially from the forward-hunting statements in this doc, including but not constrained to: (i) the threat that the proposed transaction may possibly not be accomplished in a well timed way or at all, which may adversely have an impact on the price of RTPY’s securities, (ii) the risk that the proposed transaction may possibly not be concluded by RTPY’s small business blend deadline and the possible failure to get hold of an extension of the business combination deadline if sought by RTPY, (iii) the failure to fulfill the problems to the consummation of the proposed transaction established forth in the Agreement and Plan of Merger, dated as of July 14, 2021 (the “Merger Agreement”), by and among the RTPY, Aurora and RTPY Merger Sub Inc., a Delaware corporation and a immediate wholly owned subsidiary of RTPY, (iv) the incapacity to total the PIPE expenditure in link with the proposed transaction, (v) the prevalence of any event, modify or other circumstance that could give increase to the termination of the Merger Agreement, (vi) the impact of the announcement or pendency of the proposed transaction on Aurora’s small business associations, running final results and business enterprise typically, (vii) threats that the proposed transaction disrupts current strategies and operations of Aurora and prospective problems in Aurora staff retention as a end result of the proposed transaction, (viii) the final result of any legal proceedings or other disputes that could be instituted in opposition to Aurora or in opposition to RTPY associated to the Merger Arrangement or the proposed transaction or in any other case, (ix) the skill to preserve the listing of RTPY’s securities on a countrywide securities trade, (x) the selling price of RTPY’s securities may well be risky owing to a assortment of factors, together with adjustments in the aggressive and really regulated industries in which RTPY ideas to work or Aurora operates, versions in functioning performance throughout competition, variations in laws and rules affecting RTPY’s or Aurora’s enterprise and alterations in the blended capital composition, (xi) the capability to apply small business options, forecasts, and other expectations just after the completion of the proposed transaction, and determine and realize extra alternatives, and (xii) the threat of downturns and a altering regulatory landscape in the extremely aggressive self-driving business. The foregoing list of components is not exhaustive. You ought to thoroughly look at the foregoing variables and the other hazards and uncertainties explained in the “Risk Factors” section of RTPY’s registration statement on Sort S-1 (File No. 333-253075), its Quarterly Experiences on Kind 10-Q for the periods ended March 31, 2021 and June 30, 2021, respectively, the registration statement on Type S-4 (File No. 333-257912) and other paperwork submitted by RTPY from time to time with the SEC. These filings recognize and handle other crucial risks and uncertainties that could cause true gatherings and success to vary materially from those contained in the ahead-looking statements. Forward-wanting statements talk only as of the day they are built. Audience are cautioned not to set undue reliance on ahead-searching statements, and RTPY and Aurora think no obligation and do not intend to update or revise these ahead-wanting statements, no matter if as a consequence of new info, foreseeable future functions, or otherwise. Neither RTPY nor Aurora provides any assurance that possibly RTPY or Aurora or the combined firm will realize its expectations.