Summary by Moomoo AI
On October 1, 2024, Joby Aviation, Inc., a company incorporated in Delaware and listed on the New York Stock Exchange under the symbol JOBY, announced the entry into a stock purchase agreement with Toyota Motor Corporation. The agreement outlines a private placement sale of 99,403,579 shares of common stock at $5.03 per share, totaling $500 million across two equal tranches. The completion of each tranche is contingent upon various conditions, including regulatory approvals and amendments to the company's bylaws and certificate of incorporation regarding foreign ownership. The proceeds from the sale are intended for working capital and general corporate purposes, particularly to support certification efforts and commercial production of Joby Aviation's electric air taxi. The agreement also includes customary representations, warranties, indemnification obligations, and registration rights. The shares involved in the private placement have not been registered under the Securities Act and are subject to restrictions on resale. The sale was conducted without public solicitation and was limited to an accredited investor, Toyota Motor Corporation.
