Aurora Innovation plans $600 mln private placement, shares fall

Aurora Innovation

18/07/2023 22:27

July 18 (Reuters) - Self-driving technology firm Aurora
Innovation  AUR.O  said on Tuesday it plans to sell $600 million
worth of class A common stock in a private placement, sending
the company's shares down more than 10% in after-market trading.
    The company also commenced an underwritten public offering
of up to $200 million of its Class A common stock.
    Aurora said in a regulatory filing it expects to report that
it had $785 million of cash, cash equivalents and short-term
investments, exclusive of restricted cash, as of June 30.
    In November, the company said it had more than $1.2 billion
in cash and short-term investments.
    Aurora on Tuesday forecast quarterly cash use of $175
million to $185 million, on average, from the third quarter of
2023 through its planned commercial launch.
    The company plans to launch its self-driving Aurora Driver
platform at the end of 2024.

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))