Uber-backed Aurora rises after upsized $420 mln equity raise

Aurora Innovation

01/08/2024 15:23

(Updates to market open)
    ** Shares of autonomous-driving tech firm Aurora Innovation
 AUR.O  reverse premarket losses and last up 10% at $4.40 after
co secures more equity than targeted
    ** Pittsburgh-based co sells ~116.7 mln shares at $3.60 for
$420 mln gross proceeds
    ** 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
    ** With move on the session, AUR shares roughly flat YTD.
Stock surged 44% last month
    ** 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))