Joby Aviation Simplifies Corporate Structure
26 October 2021 - 7:05AM
Business Wire
- Joby Holdings, Inc., current stockholder of Joby Aviation,
Inc., is merged with and into Joby Aviation, Inc. resulting in
simplified corporate structure
- Transaction has no dilutive effect to existing
stockholders
Joby Aviation, Inc. (NYSE:JOBY) (“Joby” or “the Company”), a
California-based company developing all-electric aircraft for
commercial passenger service, today confirmed the simplification of
Joby’s corporate structure.
Joby Holdings, Inc. (“Joby Holdings”), a Delaware corporation, a
former stockholder of Joby and holding company through which
employees of Joby indirectly held interests in Joby stock, was
merged with and into Joby earlier today. As a result of this
action, stockholders of Joby Holdings were directly issued a
corresponding number of shares in Joby Aviation, Inc.
Simultaneously, all shares of Joby which were held by Joby Holdings
were cancelled, resulting in no dilution to holders of Joby stock.
None of these changes result in a change in the directors,
executive officers, management or business of Joby.
Immediately prior to this change, Joby Holdings held
approximately 16% of the total outstanding shares of Joby.
Joby will be filing a Form S-1 with the Securities and Exchange
Commissions (“SEC”) to register the shares issued as part of the
actions described above.
About Joby Joby Aviation, Inc. (NYSE:JOBY) is a
California-based company developing an all-electric vertical
take-off and landing aircraft which it intends to operate as part
of a fast, quiet, and convenient air taxi service beginning in
2024. The aircraft, which has a maximum range of 150 miles on a
single charge, can transport a pilot and four passengers at speeds
of up to 200 mph. It is designed to help reduce urban congestion
and accelerate the shift to sustainable modes of transit. Founded
in 2009, Joby employs more than 800 people, with offices in Santa
Cruz, San Carlos, and Marina, California, as well as Washington
D.C. and Munich, Germany. To learn more, visit
www.jobyaviation.com.
Forward Looking Statements This press release contains
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995, including but not limited to, statements regarding the
development of Joby’s aircraft and financial and market outlook.
Forward-looking statements give Joby’s current expectations and
projections relating to our financial condition, results of
operations, plans, objectives, future performance and business. You
can identify forward-looking statements by the fact that they do
not relate strictly to historical or current facts. These
statements may include words such as “anticipate”, “estimate”,
“expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”,
“should”, “can have”, “likely” and other words and terms of similar
meaning in connection with any discussion of the timing or nature
of future operating or financial performance or other events. All
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those that
we expected, including: Joby’s limited operating history and
history of losses; its ability to launch its aerial ridesharing
service and the growth of the urban air mobility market generally;
Joby’s plans to operate a commercial passenger service beginning in
2024; the competitive environment in which it operates; its future
capital needs; its ability to adequately protect and enforce its
intellectual property rights; its ability to effectively respond to
evolving regulations and standards relating to its aircraft; its
reliance on a third-party suppliers and service partners;
uncertainties related to Joby’s estimates of the size of the market
for its aircraft and future revenue opportunities; and other
important factors discussed in the Company’s final prospectus and
definitive proxy statement, dated April 2, 2021, filed with the
Securities and Exchange Commission (the “SEC”), as updated by the
factors disclosed in the section titled “Risk Factors” in its
Current Report on Form 8-K filed with the SEC on August 16, 2021,
and in other reports the Company files with or furnishes to the
SEC. Any such forward-looking statements represent management’s
estimates and beliefs as of the date of this press release. While
Joby may elect to update such forward-looking statements at some
point in the future, it disclaims any obligation to do so, even if
subsequent events cause its views to change.
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version on businesswire.com: https://www.businesswire.com/news/home/20211025005765/en/
Investors: investors@jobyaviation.com +1-831-201-6006
Media: press@jobyaviation.com
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