Aurora completes SPAC merger

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Self-driving technology company Aurora has completed its business combination with Reinvent Technology Partners Y, a special purpose acquisition company (SPAC), in order to float on the stock market.

The business combination was approved by Reinvent Technology Partners stockholders in a special meeting held on November 2, 2021 and formally closed on November 3, 2021. Aurora’s Class A common stock and warrants began trading on the Nasdaq under the ticker symbol “AUR” and “AUROW,” respectively.

“Today marks a significant milestone for Aurora and the self-driving industry as we revolutionize transportation – making it safer, increasingly accessible, and more reliable and efficient than ever before,” said Chris Urmson, co-founder and CEO of Aurora.

“With our expert team, deep industry partnerships and cutting-edge technology, Aurora is the company to deploy the Aurora Driver at scale across both autonomous trucking and passenger mobility. As a public company, we’ll accelerate the work we’re doing to deliver the benefits of self-driving technology safely, quickly. and broadly.”

Investors include funds and accounts managed by Counterpoint Global (Morgan Stanley), PRIMECAP Management Company and XN, Baillie Gifford, funds and accounts advised by T Rowe Price Associates, Inc., Fidelity Management & Research Company, Canada Pension Plan Investment Board, Reinvent Capital, Index Ventures, Sequoia Capital, Uber, PACCAR, and Volvo Group.

Aurora’s flagship product, the Aurora Driver is designed to enable any vehicle platform, from Class 8 trucks to passenger vehicles, to operate without a human driver. Aurora plans to launch its autonomous commercial trucking business Aurora Horizon by late 2023, followed by its driverless ride-hailing business, Aurora Connect, in 2024. Aurora’s Driver-as-a-Service business model will offer fleet owners the ability to purchase vehicles powered by the Aurora Driver, subscribe to use the Aurora Driver, and utilize Aurora-certified fleet service partners to operate autonomous mobility and logistics services.

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Lawrence has been covering engineering subjects – with a focus on motorsport technology – since 2007 and has edited and contributed to a variety of international titles. Currently, he oversees Automotive Powertrain Technology and Professional Motorsport World magazines as editor.

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