Davis Polk advised the placement agents in the $835 million private placement in connection with the combination of Joby Aviation and Reinvent Technology Partners. The Class A ordinary shares of Reinvent Technology Partners are listed on the New York Stock Exchange under the symbol “RTP.” Upon closing of the transaction, the combined company will be named Joby Aviation and become publicly traded with its common stock expected to be listed on the New York Stock Exchange.
Joby Aviation is developing an all-electric vertical takeoff and landing aircraft which it intends to operate as a fast, quiet and affordable air taxi service beginning in 2024. The zero emissions aircraft, which is quiet at takeoff and near silent when flying overhead, can transport four passengers and a pilot up to 150 miles on a single charge and can cruise at 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 700 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington DC and Munich, Germany.
Reinvent Technology Partners is a newly formed special purpose acquisition company (SPAC) led by Reid Hoffman, Mark Pincus and Michael Thompson, that takes a “venture capital at scale” approach to partnering with bold leaders and companies.
The Davis Polk corporate team included partners Richard D. Truesdell Jr. and Lee Hochbaum and counsel Jennifer Ying Lan. All members of the Davis Polk team are based in the New York office.