Aurora taking autonomous vehicle tech public via spac

Aurora Innovation is merging with Reinvent Technology Partners Y. Reinvent is a special purpose acquisition company (SPAC) led by LinkedIn co-founder Reid Hoffman and Zynga Inc. founder Mark Pincus. The combined company will be named Aurora Innovation Inc. and trade on the NASDAQ with the symbol “AUR.

Aurora’s string of strategic moves

Aurora acquired Uber’s self-driving division in December 2020. Uber invested $400 million into Aurora to take a 26% stake in the combined company at the time. Aurora has also acquired two LiDAR startups since 2019. The companies will develop a fleet of autonomous Toyota Sienna minivans.

Aurora the latest autonomous vehicle spac

Fellow autonomous vehicle technology companies Embark, Plus and TuSimple have already or are going public, too. In June, Embark announced it is merging with SPAC Northern Genesis Acquisition Corp. Plus said in May it is going public via a $3.3 billion merger with Hennessy Capital Investment Corp. TuSimple made its debut in March 2021 in a $1.35 billion IPO on the Nasdaq stock market.

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