On Tuesday, Joby said it will sell 30.5 million shares of common stock at an offering price of $16.85 per share, resulting in gross proceeds of some $513.9 million.
In connection with the offering, Joby said it also has granted the underwriter a 30-day option to purchase up to an additional 4,575,000 shares of common stock.
Joby said it will use the proceeds to fund its certification and manufacturing efforts.
Company leaders have said they are working to build a manufacturing presence at a former U.S. Postal Service facility near Dayton International Airport. California-based Joby also has a pilot production line in Marina, Calif., which can produce up to 24 of Joby’s aircraft a year.
A well funded startup in an increasingly competitive business arena, Joby is trying to build a new kind of aircraft for a new kind of market, electric air taxis for commercial passenger service in big cities.
The stock offering is expected to close Thursday, subject to satisfaction of customary closing conditions.
Morgan Stanley is acting as book-running manager for the offering, Joby said.
But Joby also said at the time it had cash support of $991 million and continued support from Toyota.
Joby shares have a 52-week range of $4.80 to $20.95.
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