Joby Aviation takes flight into the public markets via a SPAC merger â€“ TechCrunch
A $75 million convertible note, from Uber, will also be converted into common stock at a $10 per share value. Joby plans to use the capital to fund the launch of passenger service, which is expected to begin in 2024. Prior to its SPAC deal, Joby had gained attention and investors over the years as it developed its eVTOL. Under the terms, Uber offloaded Elevate to Joby Aviation and invested $75 million into the startup. Joby Aviation had raised $820 million before its bid to become a publicly traded company.