Joby Aviation Inc (NYSE:JOBY) shares slid nearly 11% to $16.90 in late-morning trading on Wednesday after the electric air taxi developer priced its previously announced underwritten equity offering at $16.85 per share.
The offering is priced at a substantial discount to the stock’s closing price of $18.91 on October 7, 2025.
Joby is expected to receive gross proceeds of about $513.9 million by selling 30.5 million company shares.
The company said it will use the net proceeds from the offering, together with existing cash, cash equivalents and short-term investments, to fund its certification and manufacturing efforts, prepare for commercial operations and for general working capital and other general corporate purposes.
Over the weekend, Joby completed three air show demonstrations at the California International Airshow in Salinas.
The company also said it is preparing to conduct flight testing for its Federal Aviation Administration (FAA) type inspection authorization early next year.