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Ahead of Expected November 4 NASDAQ Listing, Aurora Executives to Address Self-driving Advancements
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
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.
Positive
Aurora's upcoming merger with RTPY aims to enhance its market position, expected to complete by November 4.
The company is actively engaging in commercial pilot programs, including a collaboration with FedEx.
Aurora is focusing on safety and innovation in autonomous vehicle technology, addressing industry needs.
Negative
Potential delays in the merger process could affect RTPY's stock price.
Risks related to the completion of the proposed transaction and PIPE investment remain.
PITTSBURGH--(BUSINESS WIRE)--
Aurora, the self-driving company that’s planning to launch autonomous trucking and ride-hailing businesses, is sharing more about its cutting-edge technology and business at events throughout the next few weeks. The company – which plans to merge with the special purpose acquisition company (SPAC) Reinvent Technology Partners Y (NASDAQ: RTPY) – expects to be listed on Nasdaq with the ticker symbol AUR on November 4.
On Tuesday, October 26, Gerardo Interiano, Vice President of Government Relations, will participate in a panel titled “The Future of Autonomous Vehicles'' at WRLDCTY 2021. Interiano will discuss Aurora’s approach to delivering self-driving trucks and passenger cars and how these innovations in logistics and transportation will mitigate human error and are predicted to revolutionize road safety.
On Wednesday, October 27, the Texas Department of Transportation and the Texas Innovation Alliance at the University of Texas at Austin are hosting their annual Texas Mobility Summit where Aurora’s CEO and co-founder, Chris Urmson, will participate in a fireside chat with the Executive Director of the Texas Department of Transportation, Marc Williams. They will discuss the benefits of autonomous vehicles and the role that government and industry play in the deployment of that technology.
On Thursday, October 28, Interiano will join other autonomous vehicle industry experts on an Autonomous Trucking Roundtable at the Dallas Regional Chamber to discuss the future of the global supply chain and Dallas as a major center for autonomous trucking. Interiano will share more about Aurora’s commercial pilot with FedEx. Currently, the company is autonomously hauling FedEx loads, with two safety drivers, between Dallas and Houston, a 500-mile round trip along the I-45 corridor.
On Wednesday, November 3, Nat Beuse, Vice President of Safety, will participate in a panel discussion at Transforming Mobility: The Auto Innovators Summit. The panel will discuss the policy and regulatory landscape needed to support the development and deployment of self-driving technology, as well as the existing pilots currently in play across the industry.
About Aurora
Founded in 2017 by experts in the self-driving industry, Aurora is on a mission to deliver the benefits of self-driving technology safely, quickly, and broadly. To move both people and goods, the company is building the Aurora Driver, a platform that brings together software, hardware and data services to autonomously operate passenger vehicles, light commercial vehicles, and heavy-duty trucks. Aurora is backed by Sequoia Capital, Baillie Gifford, funds and accounts advised by T. Rowe Price Associates, among others, and is partnered with industry leaders including Toyota, Uber, Volvo, and PACCAR. Aurora tests its vehicles in the Bay Area, Pittsburgh, and Dallas. The company has offices in those areas as well as in Bozeman, MT; Seattle, WA; Louisville, CO; and Wixom, MI. To learn more, visit www.aurora.tech.
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Reinvent Technology Partners Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “continue,” “likely,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the price of RTPY’s securities, (ii) the risk that the proposed transaction may not be completed by RTPY’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by RTPY, (iii) the failure to satisfy the conditions to the consummation of the proposed transaction, including the adoption of the Agreement and Plan of Merger, dated as of July 14, 2021 (the “Merger Agreement”), by and among RTPY, Aurora and RTPY Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of RTPY, by the shareholders of RTPY, the satisfaction of the minimum cash condition following redemptions by RTPY’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the inability to complete the PIPE investment in connection with the proposed transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vi) the effect of the announcement or pendency of the proposed transaction on Aurora’s business relationships, operating results and business generally, (vii) risks that the proposed transaction disrupts current plans and operations of Aurora and potential difficulties in Aurora employee retention as a result of the proposed transaction, (viii) the outcome of any legal proceedings or other disputes that may be instituted against Aurora or against RTPY related to the Merger Agreement or the proposed transaction or otherwise, (ix) the ability to maintain the listing of RTPY’s securities on a national securities exchange, (x) the price of RTPY’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which RTPY plans to operate or Aurora operates, variations in operating performance across competitors, changes in laws and regulations affecting RTPY’s or Aurora’s business and changes in the combined capital structure, (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, and (xii) the risk of downturns and a changing regulatory landscape in the highly competitive self-driving industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of RTPY’s registration statement on Form S-1 (File No. 333-253075), its Quarterly Reports on Form 10-Q for the periods ended March 31, 2021 and June 30, 2021, respectively, the registration statement on Form S-4 discussed below and other documents filed by RTPY from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and RTPY and Aurora assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither RTPY nor Aurora gives any assurance that either RTPY or Aurora or the combined company will achieve its expectations.
Additional Information and Where to Find It
This press release relates to a proposed transaction between RTPY and Aurora. This press release is not a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. RTPY has filed a registration statement on Form S-4 with the SEC (333-257912), which includes a prospectus and proxy statement of RTPY, referred to as a proxy statement/prospectus. RTPY has mailed a definitive proxy statement/prospectus and other relevant documents to its shareholders of record as of September 30, 2021, the record date established for the extraordinary general meeting of shareholders relating to the proposed transaction between RTPY and Aurora. RTPY also will file other documents regarding the proposed transaction with the SEC. Before making any voting or investment decision, investors and security holders of RTPY are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction because they will contain important information about the proposed transaction. Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by RTPY through the website maintained by the SEC at www.sec.gov. The documents filed by RTPY with the SEC also may be obtained free of charge at RTPY’s website at https://y.reinventtechnologypartners.com or upon written request to c/o Reinvent Capital, 215 Park Avenue, Floor 11 New York, NY.
