Aurora Innovation Plans $600M Private Placement, Shares Decline

(Reuters) – Self-driving technology company Aurora Innovation announced its intention to privately sell $600 million worth of class A common stock, which caused a drop of more than 10% in the company’s shares during after-market trading.

Aurora has also begun an underwritten public offering of up to $200 million of its Class A common stock.

In a regulatory filing, Aurora stated that it plans to report having $785 million in cash, cash equivalents, and short-term investments (excluding restricted cash) as of June 30.

In November, the company disclosed having over $1.2 billion in cash and short-term investments.

Aurora predicts a quarterly average cash usage between $175 million and $185 million, starting from the third quarter of 2023 until its planned commercial launch.

The company aims to launch its self-driving platform, Aurora Driver, by the end of 2024.

(Reporting by Savyata Mishra in Bengaluru)