Pittsburgh The self-driving start-up Aurora goes public with a SPAC deal for 13 billion US {dollars}

Aurora Innovation Inc., often referred to as Aurora, the American start-up for self-driving vehicle technology based in Pittsburgh, Pennsylvania, had decided to merge with a SPAC (Special Purpose Acquisition Company) or a blank check company that was run by the high-profile Tech – Investors Redi Hoffman alongside Marc Pincus, who value the merged company at $ 13 billion.

In fact, SPACs or blank check firms are shell companies that could go public after a merger or takeover, while SPACs or blank check firms are allowed to raise funds from private investors or initial offerings, their proposed mergers or acquisitions without the Share with investors the companies they are tracking.

Additionally, Aurora’s most recent move to go public through a SPAC merger came amid a relentless push in research and development into technology for autonomous and electric vehicles, amid a sky-high U.S. stock market fueling a growing appetite Had on new technology stocks, bidding would likely be good for the four-year self-driving start-up’s initial public offering.

Aurora goes public through a SPAC merger agreement for $ 13 billion

According to the financial terms of the transaction, Aurora’s merger with Reinvent Technology Partners Y, the Pittsburgh-based self-driving startup, would bring $ 1 billion in fresh capital from a number of senior investors including Fidelity Management & Research, Bailie Gifford, T .

Rowe Price, Morgan Stanley and Sequoia Capital, and strategic investments from Volvo Group, PACCAR and Uber Technologies Inc., Aurora said in a statement. Aurora Innovation Inc., which was founded back in the 2017s, had also added that the self-driving start-up would initially lay off the raised funds to focus more on automating heavy vehicles such as trucks alongside ride-hailing markets, as the company expected, it will launch its first commercial product by the end of 2023.