Joby Aviation Stock Dips After Equity Offering
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BTCCSquare news:
Shares of Joby Aviation (JOBY) tumbled 11.1% following a $500 million follow-on stock offering priced at an 11% discount to its previous close. The eVTOL manufacturer aims to fund certification, manufacturing, and commercial operations with the proceeds, but investors reacted negatively to the dilution.
The offering's $16.85 pricing came in below Wednesday's $18.91 closing price, triggering predictable selling pressure. With just $15,000 in revenue against $331 million in operating expenses during H1 2023, Joby remains firmly in development phase despite its $1 billion war chest.
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