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ego - drive technology companyAurora Innovationwas go for to get up 100 of millions in extra capital as it hie toward a driverless commercial launch by the end of 2024 . The company , which had arranged to trade up to $ 420 million worth of shares , surpass its destination andraised $ 483 million .
The newly raise funds come a minuscule over a year since Aurora completed acapital ascent of $ 820 millionfrom a public and concurrent individual offer of its stock certificate .
“ This raise is a will to investor ’ confidence in Aurora ’s ability to be a company for the long term , prompted by a recent Analyst Day where investors experienced driverless truck rides , and recent milepost that underscore the strong point of our partner ecosystem to deploy at scale , ” troupe spokesperson Rachel Chibidakis tell TechCrunch in an electronic mail .
Aurora made its public debut through aspecial purpose attainment mergerin 2021 , and its ancestry has traded as in high spirits as $ 13.12 on opening Clarence Day . Aurora share closed Friday at $ 3.84 . Shares rose more than 2 % in after - hours trading .
Aurora is pursue a driver - as - a - service model , wherein mailman purchase motortruck with the Aurora Driver technical school on board and then offer up their services via those hand truck to shipper . But the company is planning to go to grocery store as a mailman , offer up to 20 autonomous Paccar andVolvotrucks to shippers at the end of this year .
Aurora first revealed Thursday be after to sell up to $ 420 million worth of Class A coarse stock to underwriters Goldman Sachs , Allen & Company and Morgan Stanley , according to anSEC filing . The Thursday agreement get a twenty-four hours after Aurora filed a prospectus offer to sell$350 millionworth of shares . Someone familiar with the topic told TechCrunch that due to strong investor demand , the offering had been upsized to $ 420 million .
Aurora expected the net issue from the sale to bring in about $ 405 million , or around $ 466 million “ if the underwriter drill their option to purchase additional ploughshare in full , ” after deducting the usual rebate , charge and offering expense , per anupdated filing . The deal close down Friday afternoon pushed the salary increase to $ 483 million .
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Aurora did not answer Thursday to questions about how it intends to use the net proceeds . The Thursday filing provided few tinge , state vaguely that the company will put the money toward “ solve Washington and other general corporate purposes . ” The company also write in its filing that it ’ll first put the proceeds from this offering into “ short and long - term investiture grade instruments , security of bank deposit or guaranteed obligations . ”
Aurora provide more detail after the deal close Friday .
“ This opportunistic raise gives us track well into 2026 , pose us on the way to deploy driverless truck at scale and become a hard cash flow positive ship’s company , which we expect in 2028 , ” enunciate Chibidakis , append that as the company near its planned commercial-grade launching that ebullience is building . “ Our continued momentum and more favourable market condition made this an opportune time to raise additional capital . ”
The bid for more funds comes as Aurora report its second - quarter results . As of June 30 , 2024 , Aurora had $ 402 million in cash and cash equivalents and $ 618 million in short - terminal figure investing . Not including the proceeds from its oblation , the party expects this to be enough to fund operations into the fourth quarter of 2025 .
In Q2 2024 , Aurora spent $ 198 million , which is a direct loss because the inauguration is n’t yet perpetrate in any tax revenue .
The company is slate to start its commercial service later this twelvemonth on the Uber Freight web . In June , the two company announced amulti - year collaborationthat will see Aurora ’s self-reliant driving applied science offered on the Uber Freight web through 2030 .
Update : This floor was update to reflect that Aurora ’s $ 618 million in short - term investment are basically liquid .
This level was originally published August 1 , 2024 at 9:34 am PT . It has been update to include estimated proceeds per an extra SEC filing . The article was update Friday at 4:31 post-mortem PT after Aurora had announced the final rise amount .
