Joby Aviation, LLC completed the acquisition of Uber Elevate of Uber Technologies, Inc..
January 10, 2021
Share
Joby Aviation, LLC agreed to acquire Uber Elevate of Uber Technologies, Inc. (NYSE:UBER) on December 8, 2020. Under the terms of the Share Purchase Agreement, certain employees of Uber Elevate who continued their employment with the company following the acquisition of Uber Elevate were allowed to retain their unvested Uber RSUs that would otherwise have vested on or prior to December 16, 2021, provided that such employees remain employed by the company through December 16, 2021. The transaction is subject to regulatory review and customary closing conditions. The transaction is expected to close in early Q1 2021. Melanie M. Blunschi, Marissa R. Boynton, Patrick C. English, Joshua N. Holian, Benjamin A. Potter, Jack Sheridan, Kirt Switzer and James A. Metz of Latham & Watkins LLP acted as legal advisors to Joby Aviation, LLC.
Joby Aviation, LLC completed the acquisition of Uber Elevate of Uber Technologies, Inc. (NYSE:UBER) on January 11, 2021. As per closing, Joby Aviation acquired Uber Elevate in exchange for consideration in the form of 2,581,285 shares of the company's Series C redeemable convertible preferred stock. Concurrently with the acquisition of Uber Elevate, the company issued to Uber convertible notes for the total principal amounts of $75 million. Total fair value of consideration transferred by the company to acquire Uber Elevate was approximately $83 million.
Joby Aviation, Inc. is a transportation company developing electric air taxis for commercial passenger service. The Company is developing an all-electric, vertical take-off and landing (eVTOL) air taxi. The Joby eVTOL is designed to transport a pilot and four passengers at speeds of up to 200 miles per hour with a range of 100 miles. It plans to manufacture, own and operate its aircraft. It is focused on delivering transportation services to customers, including government agencies such as the United States Air Force through sales or contracted operations, and to individual end-users through an app-based aerial ridesharing service. Its Global Electric Aviation Charging System is designed to support operation of electric aircraft. It operates a powertrain and electronics engineering and manufacturing facility in San Carlos, California, as well as 130,000 square feet of additive and subtractive manufacturing, machining, aircraft assembly and flight test facilities in Marina, California.
JOBY AVIATION, INC. 
