Aurora raises USD 483 million from upsized public offering
By Luke Willetts - 29th August 2024
Aurora autonomous trucking
USA – Start-up software company, Aurora Innovations Inc of Pittsburgh, Pennsylvania, United States has raised USD 483 million by creating an additional 134,166,667 shares of its Class A common stock at USD 3.60 per share. Investment banks Goldman Sachs & Co. LLC, Allen & Company LLC and Morgan Stanley acted as joint book-running managers. The terms of the underwritten public offering were previously filed and cleared by the U.S. Securities and Exchange Commission. These funds will help the company continually develop and bring to market its level 4 autonomous truck driving software (Aurora Driver).
During an investor meeting earlier this year, the company discussed its strategy to market, profitability and scaling before displaying the Aurora Driver in a Volvo VNL truck (without a driver), navigating different driving and safety scenarios, for the first time. This truck was shown on the Volvo Group North America Inc stand later in the year at the Advanced Clean Transportation (ACT) Expo 2024, held between 20-23 May at the Las Vegas Convention Center.
