Reinvent Technology Partners Y (“RTPY”) (NASDAQ: RTPY), a specialized acquisition company that follows an “venture the capital of the world” strategy to investing, has announced the results of its extraordinary General Meeting of Shareholders, which was held this morning, RTPY shareholders voted to be in agreement and to adopt its previously-announced business combo agreement with a self-driving company
The official result of the election will be published in the Current Report on Form 8-K to be filed by RTPY with the Securities and Exchange Commission (the “SEC”).
The business partnership is expected to conclude on the 3rd of November 2021, subject to the fulfillment or waiver of the customary closing conditions. Following the conclusion of the business transaction, RTPY will change its name to Aurora Innovation, Inc. Common shares as well as warrants of the firm are expected to commence trading in 2021 on the 4th of November, on Nasdaq under ticker symbols “AUR” as well as “AUROW,” respectively.
Aurora is developing the business and technology to make self-driving commercially viable as well as mobility for passengers. Aurora’s top industry partners are Toyota, Uber, Volvo and PACCAR. The net proceeds that are generated in this deal, plus cash in the balance sheet on December 1, 2021 is around $1.8 billion. The proceeds from the business combination are the biggest ever robots or autonomous vehicles firm primary capital raise in a public transaction. The additional capital will be used to be used to finance Aurora after the launch commercially Aurora Horizon and the Aurora Driver in 2023. Aurora Horizon and Aurora Driver in 2023. Aurora Driver beginning in 2023 and through 2024.
More About Aurora
Established in 2017, by experts in the field of self-driving, Aurora is on a goal to bring the benefits of autonomous driving technology quickly, safely and in a broad way. To facilitate the movement of people and products it is developing its own Aurora Driver, a platform that combines hardware, software and data services that allow autonomously operate passenger cars and light commercial vehicles as well as heavy duty trucks. Aurora is supported by Sequoia Capital, Baillie Gifford, and funds and accounts managed from T. Rowe Price Associates as well as other firms, and has partnerships with industry leaders such as Toyota, Uber, Volvo and PACCAR. Aurora is testing its vehicles within areas like the Bay Area, Pittsburgh, and Dallas. Aurora has offices in these areas along with Bozeman, MT; Seattle, WA; Louisville, CO in addition to Wixom, MI.
More Reinvent Technology Partners Y
Reinvent Technology Partners Y is an acquisition firm with special purpose established by Mark Pincus, Michael Thompson along with Reid Hoffman. Reinvent Technology Partners Y was created to assist the technology industry to develop and create entrepreneurship at a scale, by drawing on its team’s experience in operating as the founders of renowned technology firms, their expertise creating companies as advisors as well as board members, as well as the capital raised through the initial public offerings.
Cautionary Statement on Forward-looking statements
The press release contained forward-looking statements within of federal securities laws in relation to the proposed merger that will be between Reinvent Technology Partners (“RTPY”) (“RTPY”) as well as Aurora Innovation, Inc. (“Aurora”). These statements can generally be identified with the use of the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “continue,” “likely,” and similar expressions. These statements include projections, forecasts as well as other statements concerning future events based on assumptions and expectations that are current and, consequently they are subject to risks and uncertainties. There are many factors that could cause future events to differ significantly from those in the forward-looking statements contained included in this document, which include but not restricted to: (i) the risk that the transaction proposed may not be completed on time or even at any time, which could affect the value of RTPY’s securities. (ii) the possibility that the transaction proposed may not be completed before RTPY’s deadline for business combination and the risk of failing to extend the business combination deadline , if requested through RTPY, (iii) the failure to satisfy the requirements that must be met prior to the conclusion of the transaction as set within the Agreement and Plan of Merger that was in effect as of July 14th (2021) (the “Merger Contract”) that is signed by and between RTPY, Aurora and RTPY Merger Sub Inc., an Delaware company and an indirect wholly owned affiliate to RTPY, (iv) the inability to conclude the PIPE investment as a result of the proposed transaction (v) the possibility of any change, event or other event that may result in the expiration in accordance with the Merger Agreement, (vi) the impact on the timing or the pendency of Aurora’s business relations, operating results, and the business overall, (vii) risks that the proposed transaction could disrupt Aurora’s current plans and operations Aurora and could cause difficulties for Aurora retention of employees in connection with the proposed transaction (viii) the result of any legal proceedings or disagreements that could be filed against Aurora or RTPY in connection with RTPY’s participation in the Merger Agreement or the proposed transaction, or in any other way, (ix) the ability to continue listing RTPY’s securities on the national securities exchange (x) the cost of the securities of RTPY may be subject to volatility due to a range of variables, including changes in the highly competitive and restricted industries within which RTPY plans to be operating as well as Aurora operates, changes in operating performance between rivals, changes in the laws and regulations that affect Aurora’s or RTPY’s business, and changes to the capital structure of the two companies, (xi) the ability to execute strategies, business forecasts and other expectations following the conclusion of the proposed deal, and also discover and capitalize on potential opportunities that are not yet realized and (xii) the potential for fluctuations and a shifting regulatory landscape within the highly competitive industry of self-driving. The above list of risks is not comprehensive. It is important to carefully evaluate the factors listed above and the other risks and uncertainties listed within the “Risk Factors” section of RTPY’s registration declaration for the Form S-1 (File No. 333-253075) as well as its quarterly reports on Form 10-Q for period ending March 31 2021, 30 June 2021 respectively as well as the registration statement for the Form S-4 (File No. 333-25791) along with other filings submitted by RTPY periodically to the SEC. These filings discuss other uncertainties and risks which could cause actual results and events to be different significantly from the expectations expressed within the statements made in forward-looking form. These statements are only valid from the time they are published. The reader is cautioned not to place too much trust on forward-looking statements. RTPY and Aurora do not assume any obligation and do not have any plans to make any changes or revisions to these forward-looking statements, regardless of whether it is because of forthcoming events, new information or any other reason. The company neither RTPY nor Aurora can guarantee of whether RTPY nor Aurora or the combined entity will meet its expectations.