Autos

Autonomous driving start-up Aurora plans to go public through SPAC

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Aurora, a start-up developing hardware and software to enable vehicles to drive autonomously, is going public through a SPAC merger.

The deal with special purpose acquisition company Reinvent Technology Partners is expected to close this year, setting up the merged company with $2.5 billion in cash.

“This is a natural next step for us,” said Aurora co-founder and CEO Chris Urmson. “This will unlock the capital we need to deliver the Aurora driver as a service at scale.” Once completed, Aurora will trade on the Nasdaq under the ticker symbol AUR with a valuation of $11 billion.

With partners including Toyota, Uber and truck manufacturers Volvo and Paccar, Aurora is targeting a wide range of…



Source cnbc.com

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