Joby sinks after announcing pricing of stock offering; 30.5 million shares to be sold at $16.85/share

Joby Aviation stock slid more than 9% in premarket trading Wednesday after the electric air taxi company announced a $500 million overnight share sale.

In a new filing late last night, the company said it would sell 30.5 million shares of common stock at an offering price of $16.85 per share, resulting in gross proceeds of approximately $513.9 million. That price represents an ~11% discount to Tuesday’s closing price of $18.91.

The proceeds from the share sale will go toward helping Joby obtain FAA certification, scale up production, and launch commercial flights, the company said in the statement.

Shares in Joby Aviation and fellow electric vertical takeoff and landing stock Archer Aviation were volatile this week after rumors, later dismissed, circulated that Tesla might announce a collaboration with the companies.

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