Joby Aviation, Inc. announced it has entered into a stock purchase agreement with Toyota Motor Corporation. The agreement outlines that Joby Aviation will sell up to 99,403,579 shares of common stock to Toyota Motor Corporation at $5.03 per share in a private placement. This deal is structured in two tranches, each amounting to $250 million, subject to fulfillment of certain conditions, including regulatory approvals. The funds from this private placement are intended for working capital and general corporate purposes to support the company's efforts towards certification and commercial production of its electric air taxi. This transaction is exempt from registration requirements and involves investor rights related to share resale registration.
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