Joby's air taxi dreams soar closer to reality with public stock offering
Unlike other developers of electric vertical take-off and landing (eVTOL) aircraft, the Santa Cruz-based Joby sees itself as airborne taxi service, offering a ride-hailing app for customers to book Joby's air taxis. Joby's eVTOLs have one pilot and can seat up to four people.
Joby Aviation Stock Stalls After Public Offering
Joby Aviation Inc (NYSE:JOBY) stock is 13.3% lower to trade at $5.24 after the electric air taxi company priced an underwritten public offering of 40 million shares at $5.05 per share. JOBY is pacing for its worst single-session percentage drop since July 2023, and is now down 22% in 2024, though there's support from the $5.10 level in place.
Why Joby Aviation Stock Is Losing Altitude Today
Joby Aviation (NYSE: JOBY) is selling additional shares to add to its cash coffers, meaning each existing share is worth a little less today than it was yesterday. Investors had a negative reaction to the news, sending Joby shares down 14% as of 10:15 a.m. ET.
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Joby Aviation said that with the final rule, the FAA “lays the groundwork necessary for Joby to launch commercial passenger ...
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