Reinvent Technology Partners (NYSE: RTP), a purpose acquisition company accompanied by Mark Pincus, Michael Thompson, and Reid Hoffman, announced a meeting with shareholders to vote for the business agreement with Joby Aviation, a transportation company developing a fully electric airplane intended for commercial passenger use from 2024.
RTP scheduled the shareholder meeting on August 5, 2021, at noon to vote on the approval of this enormous decision. The business combination, If the RTP shareholders of record on the business on June 14, 2021, will vote on the agreement, if approved, then the integration of both the companies will begin following the meeting. The combined company name will be “Joby Aviation Inc,” and the shares are expected to trade on New York Stock Exchange.
The definitive proxy statement and other related documents will be mailed on July 19, 2021, to the public warrant holders and RTP shareholders of record as of the close of business on June 14, 2021. Moreover, the public warrant and shareholders are simulated to read the statement and all related documents entirely. Both shareholders and public warrant holders can obtain free copies of the statement documented, or that will be documented with the U.S Securities and Exchange Commission.
The Future Ahead
After combining and listing RTP and Joby, Joby’s share might blow up on their IPO. This IPO will bring them considerable investments to make their dream of an electric plane a reality.
Their pollution-less flight would be able to be experienced by the average American by 2024. They used the same lithium-ion batteries that are used by standard electric cars. The biggest obstacle they will face is certification issues, so they work jointly with the FAA (Federal Aviation Administration) to acquire the certification.
Eric Alison’s Statement
Eric Alison, head of the product department, mentioned that they are very intrigued to work with Steve Dixon, administrator of FAA. By 2023 they will receive all the required certificates, which will make Joby’s electric aero vehicle the first of its kind to get a certificate.