Joby Aviation prices $600M convertible note offering, $600M in stock at $11.35

Joby Aviation (JOBY) announced the pricing of its concurrent public offerings of $600.0 million aggregate principal amount of 0.75% convertible senior notes due 2032 (the “notes”) (such offering, the “note offering”) and 52,863,437 shares of Joby’s common stock, $0.0001 par value per share (the “common stock”), at a public offering price of $11.35 per share (such offering, the “common stock offering”) and of the offering by Morgan Stanley, acting on behalf of itself and/or its affiliates (in such capacity, the “delta offering underwriter”), of 5,286,343 shares of Joby’s common stock, borrowed from third parties (such offering, the “delta offering”), to facilitate hedging transactions (whether physical sales and/or through privately negotiated derivatives transactions) by some of the investors of the notes. The delta offering underwriter will initially offer the shares of common stock to the public at a price of $11.35 per share and subsequently offer the shares of common stock for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to prevailing market prices at the time of sale, at prices related to prevailing market prices or at negotiated prices. The aggregate offering size of the note offering and the common stock offering was increased from the previously announced combined offering size of $1.0 billion.