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Hop on the Joby Aviation flight to an SPAC mergerINTL

Hop on the Joby Aviation flight to an SPAC merger

Joby Aviation is zooming off into the sunny horizon as it is set to go public through a merger with Reinvent Technology Partners, a special acquisition company owned by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus. Joby Aviation has spent the last ten years developing an all-electric, vertical take-off and landing passenger aircraft.

Through the deal, Joby Aviation is taking home a cool $1.6b in cash proceeds – of which $690m will come directly from Reinvent’s cash in trust (and the rest from private investors).

why it matters
As the aviation industry has hit many bumps along the runway due to the pandemic, the news of Joby Aviation’s take-off indicates there is light at the end of the tunnel for the industry - watch this space!