Uber-backed Aurora falls as upsized $420 mln stock offering prices

Aurora Innovation

01/08/2024 13:48

** Aurora Innovation's  AUR.O  shares down 6.5% premarket to
$3.74 after autonomous-driving tech firm secures more equity
than targeted
    ** Pittsburgh-based co sells ~116.7 mln shares at $3.60 for
$420 mln gross proceeds
    ** Offering price represents 10% discount to stock's last
close
    ** Aurora, which partners with Uber Freight, late Weds
announced Q2 results, including net loss of 12 cents/sh, and
launched $350 mln stock offering for working capital and other
purposes
    ** In letter to shareholders, CEO Chris Urmson said co plans
commercial launch of its Premier Autonomy program at end of 2024
    ** Ride-hailing co Uber Technologies  UBER.N  is top AUR
investor with ~27.5% stake, per LSEG
    ** Aurora has ~1.56 bln shares outstanding for ~$6.2 bln
market cap
    ** AUR shares surged ~44% in Jul, leaving them down 8.5% YTD
through Weds
    ** Goldman Sachs, Allen & Co and Morgan Stanley leading the
stock offering
    ** 2 of 6 analysts covering AUR rate stock "buy", 3 have
"hold", while 1 recommends "sell" and their median PT is $3.30 -
LSEG

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))