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Joby Aviation Inc. (NYSE:JOBY) slid in premarket trading Wednesday after pricing a $513.9 million underwritten offering, as investors weighed near-term dilution against the company’s push toward FAA certification and commercial eVTOL service.
The California-based air mobility firm priced 30.5 million shares at $16.85 each, raising roughly $513.9 million. This represents a 10.9% discount to Tuesday’s closing price of $18.91. It also granted underwriters a 30-day option to buy up to 4.6 million additional shares. The deal, led by Morgan Stanley, is expected to close on October 9, pending customary conditions.
Joby said proceeds from the sale will support Federal Aviation Administration certification, manufacturing scale-up, and preparation for commercial service. The company had approximately $991 million in cash and short-term investments at the end of the second quarter, providing it with a sizable runway to execute its expansion plans.
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The offering triggered a negative market reaction, with JOBY sliding below its recent trading range. Dilution concerns weighed on sentiment, even as long-term technical indicators, such as the 200-day moving average, still point to a bullish trend. Short-term momentum remains weak, reflected in an RSI reading that places the stock in oversold territory.
Joby recently highlighted its growing operational capabilities with a demonstration flight between Marina and Salinas at the California International Airshow. The showcase marked another step toward the company’s vision of launching all-electric passenger flights across urban markets.
In the past month, Joby Aviation has posted a striking rally, with its share price climbing over 40%, vastly outpacing broader market benchmarks. Investors attribute much of the run-up to renewed optimism over the company’s capital raise and technology milestones, though Tuesday’s offering announcement triggered sharp after-hours losses.
Investors tracking the sector often look to the iShares U.S. Aerospace & Defense ETF (BATS:ITA) and Global X Autonomous & Electric Vehicles ETF (NASDAQ:DRIV) for broader exposure to the emerging eVTOL market.
Price Action: JOBY shares were trading lower by 10.21% to $16.99 premarket at last check Wednesday.
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Photo by T. Schneider via Shutterstock
