dWeb.News: Aurora Takes Major Step towards Commercializing Self-Driving Technology by Merging With Reinvent Technology Partners Y

Aurora Takes Major Step towards Commercializing Self-Driving Technology by Merging With Reinvent Technology Partners Y

Author:

By Daniel Webster, dWeb.News

PITTSBURGH - (BUSINESS WIRE)--Aurora is a self-driving tech company that has entered into a definitive agreement with Reinvent Technology Partners Y ("Reinvent") (NASDAQ : RTPY), a special-purpose acquisition company with the sponsor who takes a "venture Capital at Scale" approach to investing. The proposed transaction will result in Aurora Innovation, Inc. being publicly traded. Its common stock will be listed on Nasdaq under the ticker symbol "Aur"

Aurora partners and investors have invested $1 billion in a PIPE. The proposed transaction has an equity value of $11 Billion for Aurora. Baillie Gifford, funds and account managers at Counterpoint Global (Morgan Stanley), funds and account advised by T. Rowe Price Associates, Inc., PRIMECAP Management Company, Reinvent Capital, XN, Fidelity Management and Research LLC, Canada Pension Plan Investment Board, Index Ventures and Sequoia Capital are some of the investors in the PIPE.

Leadership with unparalleled self-driving experience

Aurora was founded in 2017 by self driving luminaries Drew Bagnell and Sterling Anderson. Its mission is to bring self-driving technology's benefits safely, quickly and widely. The 1,600 employees of Aurora are led by a team with extensive industry and technical experience and are working to develop next-generation technology. They also work to build the business to bring it to scale.

"Our goal at Aurora, Chris Urmson, is to make the movement and movement of goods and people more fair, productive, dependable and much safer than it is now," stated Chris Urmson (Co-Founder and Chief Executive Officer). "By combining Reinvent with this amazing group of investors, our goal is to deploy self-driving cars and deliver the benefits this technology provides the world.

"We believe that Aurora will be the first company to commercialize self driving technology at scale for U.S. trucking, passenger transportation markets," stated Mark Pincus (Co-Founder and Director, Reinvent Technology Partners, Y.

Next-Generation Technology Designed for Scale

The Aurora Driver is an L4 autonomous driver system designed to drive multiple vehicle types, including passenger cars and Class 8 trucks. It can move safely and efficiently around the world without the need for a human driver. Aurora's industry-leading technology was created to accelerate the development of the Aurora Driver. The technical investments made by Aurora in the self-driving technology stack are extensive. These include its holistically designed and deeply embedded hardware and software, as well as its multi-modal, long-range sensing suite with FirstLight Lidar. The Aurora Atlas's HD mapping system, the Aurora Atlas, and its robust Virtual Testing Suite are just a few examples.

Strategic Partnerships for Rapid Market Entry

Aurora plans to launch in trucking, a $700billion market with attractive unit economics in late 2023. Aurora will be leveraging the self-driving capabilities that have been developed in trucking to expand rapidly into other verticals, including last-mile delivery or ride-hailing.

The Aurora Driver is a service and scale-able. It addresses the most important opportunities in the $9.4 trillion global trucking, last mile delivery and ride-hailing markets. Aurora works to increase accessibility to transportation, improve the efficiency and speed of moving goods, and make people and goods safer.

The truck manufacturing partners of Aurora, Volvo Group (which also includes Volvo Autonomous Solutions), and PACCAR (which comprises the Peterbilt- and Kenworth brands), collectively account for approximately half of all Class 8 trucks sold in America. Volvo and PACCAR are long-term partners and will accelerate the development, validation and deployment of self driving trucks. With the support of Toyota and Uber, the largest global ride-hailing company by market-cap, Aurora will be able to scale quickly in passenger mobility.

Maximizing Alignment, Transaction agreement includes up to four year lock-up

Reinvent believes that structuring transactions is key to ensuring long-term alignment with its investments. Reinvent and Aurora have agreed that Reinvent and Aurora will lock up founder shares that Reinvent's sponsor or its directors has for up to four year. Aurora's key stockholders, key executives, and board members have also agreed to similar lock-ups on their shares and price-based vesting of Reinvent sponsor shares.

The transaction committee of Reinvent has unanimously approved the proposed transaction. Reinvent created the transaction committee consisting of all members of its board other than Karen Francis. This committee will evaluate and make any decision for the full board of director regarding a proposed transaction with Aurora. Ms. Francis is also a director at TuSimple but was not allowed to attend any sessions. She has resigned from Reinvent's board and voted as a director on matters relating to the transaction. Reid Hoffman, LinkedIn Cofounder, is a non-voting observer and member of Aurora's Board of Directors. He was not allowed to attend any sessions. He has also withdrawn himself from Reinvent's discussions and decisions about the proposed transaction. He also opted out of discussions with the management and board of directors of Aurora regarding the proposed transaction, as well as voting on issues related to it.

The transaction is expected close in the second quarter of 2021. However, it must satisfy all customary closing conditions including the approval by shareholders of Reinvent as well as the stockholders at Aurora. Aurora anticipates that Mr. Hoffman will continue to be a member of its board after the transaction is closed.

The combined company's pro forma implied market capitalization is $13 billion at the $10.00 per-share PIPE subscription price. This assumes that Reinvent's public shareholders have not exercised their redemption rights. The combined company will have approximately $2.5 Billion in cash at closing. Reinvent's trust account, which was established after the initial public offering closed on March 18, 2021, contains approximately $977.5 Million. Reinvent's redemption rights are not exercised. $1 billion PIPE is available at $10 per share to support the proposed transaction. Funds and accounts managed by Counterpoint Global, PRIMECAP Management Company, and XN, Baillie Gifford are the investors. T. Rowe Price Associates, Inc., Fidelity Management & Research Company LLC, Canada Pension Plan Investment Board, Reinvent Capital, Index Ventures, Sequoia Capital, Uber, PACCAR, Volvo Group are also among them.

After the closing of the proposed transaction, existing Aurora stockholders will own approximately 84 per cent of the pro forma combined business.

Reinvent has filed a Current Report on Form 8K with the Securities and Exchange Commission. It includes additional information, including a copy the merger agreement and investor presentation. The report can be accessed at www.sec.gov. Reinvent also plans to file a Form S-4 registration statement with the SEC. This will include a proxy/prospectus and other documents about the proposed transaction.

Advisors

Allen & Company LLC serves as financial advisor to Aurora and Wilson Sonsini Goodrich & Rosati. Its legal counsel is Allen & Company LLC. Reinvent is being represented by Goldman Sachs & Co. LLC, which acts as its exclusive financial advisor and sole placement agent for the PIPE transaction. Skadden Arps Slate Meagher & Flom LLP serves as Reinvent's legal counsel. The placement agent was represented by Sullivan & Cromwell LLP. Houlihan Lokey Capital, Inc. serves as financial advisor to Reinvent transaction committee.

Fireside Chat, Webcast, and Presentation Information

Sterling Anderson, Co-Founder, Chief Product Officer, and Chris Urmson will host a fireside conversation with Bob Safian, former Fast Company editor, to discuss the proposed transaction on July 15, 2021 at 11:00 AM. ET / 8:00 AM PT You can watch the webcast of the fireside conversation and a detailed investor presentation at aurora.tech/ir.

You can access the replay via the webcast link located in the investor relations section on the Aurora website. The investor presentation will be accessible on the Aurora website at www.aurora.tech/ir as well as at https://y.reinventtechnologypartners.com/investor relations. Reinvent will also file the investor presentation as an exhibit to the Current Report on Form 8K with the SEC. This information is available at www.sec.gov.

About Aurora

Aurora was founded in 2017 by experts in self-driving technology. The company is developing the Aurora Driver platform, which combines software, hardware, and data services to enable autonomous operation of passenger vehicles, light commercial vehicles, heavy-duty trucks, and light trucks. Sequoia Capital, Baillie Gifford and funds and accounts advised T. Rowe Price Associates are backing Aurora. They have also partnered with industry leaders like Toyota, Uber and Volvo. Aurora has conducted vehicle testing in the Bay Area and Dallas. The company also has offices in Bozeman (MT), Seattle, WA, Louisville, CO, and Wixom (MI). Visit www.aurora.tech to learn more.

About Reinvent Technology Partners Y

Reinvent Technology Partners Y, a special purpose acquisition firm, is led by Mark Pincus and Michael Thompson. Reid Hoffman is the CEO. Reinvent Technology Partners Y was created to help a technology company innovate and achieve entrepreneurship on a large scale. It leverages its team's operating experience, including their experience as founders of renowned technology companies, as well as their experience as board members and advisors in building companies.

Cautionary Statement regarding Forward-Looking Statements

This press release contains forward-looking statements that are within the meanings of the federal securities laws. They relate to the proposed transaction between Reinvent & Aurora. These forward-looking statements are generally identified by the words: "believe,"" "project,","expect,","anticipate,","estimate,","intend,","strategy," future," opportunity," plan," may," should," will," would," will be," continue," "likely," or similar expressions. Forward-looking statements are projections, predictions and other statements about future events. They are based on current expectations, assumptions, and are subject to uncertainties. There are many factors that could cause future events to differ materially to those in this press release. These include: (i), the risk that Reinvent may not complete the transaction by Reinvent's deadline for business combination and the possibility of Reinvent not obtaining an extension of that deadline, (iii), the impact of the proposed transactions on Aurora's operations, business relationships, and overall business results, (viii), the outcome of any legal proceedings against Reinvent or Reinvent regarding the Merger Agreement or the proposed Transaction, (xiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii and forecasts and other opportunities and to identify and realizing additional opportunities and a changing regulatory environment in the self-driving the ability to execute business plans, forecasts and to meet the proposed transactions, and to achieve other expectations, as well as well as well as well as well as well as well as well as the potential downturns and the industry. These factors are not all inclusive. The foregoing factors should be considered along with the other risks and uncertainties detailed in Reinvent's "Risk Factors" section of its registration statement on Form S-1 (File Number. 333-253075, Reinvent's Quarterly Report on Form 10-Q (File No. These filings address important risks and uncertainties that could lead to actual results and events differing materially from the forward-looking statements. Forward-looking statements are only accurate as of the date they were made. Readers are advised not to place undue reliance upon forward-looking statement. Reinvent and Aurora do not assume any obligation to update or revise forward-looking statements as a result new information, future events or other factors. Reinvent and Aurora neither guarantee that Reinvent or Aurora, or the combined company, will meet their expectations.

Additional Information and Where to Locate It

This Press Release is about a proposed transaction between Reinvent & Aurora. This Press Release does not contain any proxy, consent, authorization or authorization with regard to any securities or in relation to the proposed transaction. It also does not constitute an offer or exchange, nor the solicitation of an order to buy or exchange any securities. Nor shall any sale of securities be made in any jurisdiction where such offer, sale, or exchange would be illegal prior to registration or qualification according to the securities laws of any jurisdiction. Reinvent will file a Form S-4 registration statement with the SEC. This will include a preliminary prospectus/prospectus of Reinvent, also known as a proxy statement/prospectus. All Reinvent shareholders will receive a final proxy statement/prospectus. Reinvent will also file additional documents with the SEC regarding the proposed transaction. Investors and security holders of Reinvent should read the registration statement, proxy statement/prospectus, and any other documents that may be filed with SEC regarding the proposed transaction before making any investment or voting decision. They will contain important information about this transaction.

Investors and security owners will be able obtain free copies the registration statement, proxy statement/prospectus, and any other documents that were filed or will be filed with SEC Reinvent via the website www.sec.gov.

Reinvent may also file documents with the SEC at no cost at Reinvent's site at https://y.reinventtechnologypartners.com, or by writing to 215 Park Avenue Floor 11, New York, NY.

Participants in the Solicitation

Reinvent and Aurora, as well as their respective directors or executive officers, may be considered participants in the solicitation for proxies from Reinvent shareholders in connection to the proposed transaction. The proxy statement/prospectus will contain information about the interests of Reinvent's directors and executives, as well as information about their participation in the proposed business combination. These documents can be obtained free of charge as described in paragraph précédent.

More dWeb.News Business Transportation https://dweb.news/category/dweb-news/section-b-business-news/
facebook twitter 

Comments

Popular posts from this blog

dWeb News