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Aurora has completed its business combination with Reinvent Technology Partners Y, with trading set to begin on Nasdaq under the ticker symbol AUR on
Reinvent Technology Partners Y (RTPY) has successfully secured shareholder approval for its business merger with self-driving technology firm Aurora. The transaction is expected to conclude on November 3, 2021, with trading of the new entity commencing on November 4, 2021, under the ticker symbols AUR and AUROW. The merger will result in an estimated total of $1.8 billion in gross proceeds, marking a significant milestone as the largest primary raise in the autonomous vehicle sector. Aurora aims to commercialize self-driving tech, leveraging partnerships with major players like Toyota and Uber.
Reinvent Technology Partners Y (RTPY) is set to finalize its business combination with self-driving technology firm Aurora on November 3, 2021, pending shareholder approval. This deal marks a significant event as it involves the largest-ever capital raise in the autonomous vehicle sector. The total gross proceeds from this transaction, along with existing cash, amount to roughly $1.8 billion, aimed at supporting Aurora's commercialization efforts for self-driving technology in both trucking and passenger services. Following the merger, RTPY will rebrand as Aurora Innovation, Inc.
Aurora has launched the beta version of its Aurora Driver, enhancing autonomous driving capabilities for logistics.
The pilot program operates between Dallas and Houston, TX, demonstrating 100% on-time delivery. Equipped with advanced hardware and new autonomy capabilities, the Aurora Driver can navigate complex road situations reliably. This marks a significant milestone for Aurora as it moves towards the commercial release of its Horizon product in late 2023. The beta release is a key step in confirming Aurora's Driver-as-a-Service model and expanding its partnerships with FedEx and PACCAR.
Aurora accelerates its simulation efforts by acquiring Colrspace, a team of experts in computer graphics and machine learning.
This acquisition enhances Aurora's Virtual Testing Suite, allowing for more accurate and scalable virtual environments crucial for testing its Aurora Driver. By running millions of simulations daily, Aurora aims to train its self-driving technology effectively.
Aurora is set to merge with Reinvent Technology Partners Y (NASDAQ: RTPY) and expects to be listed on Nasdaq under the ticker symbol AUR on November 4.
Aurora has launched an Industry Advisory Council, comprised of experts in transportation and logistics, to bolster its autonomous trucking initiatives amidst ongoing supply chain disruptions. The Council will guide Aurora's product development and regulatory strategies. The company is set to merge with Reinvent Technology Partners Y (RTPY) on November 4, aiming for a Nasdaq listing under the ticker symbol AUR. Aurora's autonomous trucking business, Aurora Horizon, is expected to debut by late 2023, addressing the pressing driver shortage and enhancing logistics efficiency.
Aurora, a self-driving technology company, is advancing its market presence through strategic partnerships with industry giants like FedEx, Uber, Toyota, and Volvo. Planning to merge with Reinvent Technology Partners Y (RTPY), Aurora aims for Nasdaq listing under ticker AUR by November 4. The company will launch its autonomous trucking service, Aurora Horizon, by late 2023 and its ride-hailing service, Aurora Connect, in 2024. Aurora's cutting-edge innovations include the Aurora Driver system and extensive safety protocols, alongside significant simulation testing, aiming to revolutionize freight and passenger mobility.
Aurora, a self-driving technology company, is set to merge with Reinvent Technology Partners Y (RTPY), which will list on Nasdaq under the ticker symbol AUR on November 4. Aurora will highlight its advancements in autonomous trucking and ride-hailing during upcoming events. Vice President Gerardo Interiano will participate in discussions to showcase Aurora's commitment to reducing human error in transportation. The company is currently running commercial pilot programs, including autonomously hauling FedEx loads between Dallas and Houston.
Aurora has appointed Karen Rasmussen, a freight and trucking safety expert, to its Safety Advisory Board, enhancing its dedication to safe technology deployment. Rasmussen, previously with the Independent Carrier Safety Association, brings extensive experience in improving highway safety. Aurora's Safety Advisory Board aids in managing safety risks and engaging with regulators. The company plans to merge with Reinvent Technology Partners Y (NASDAQ: RTPY) and aims to list on Nasdaq under the symbol AUR on November 4, 2021.
