On July 24, 2023, Aurora Innovation, Inc. announced the closing of its previously announced underwritten public offering and concurrent private placement, with participation from certain existing institutional and strategic investors, entities affiliated with two of Aurora’s directors, and new institutional investors, for total gross proceeds of approximately $820 million.
In the public offering, Aurora sold 73,333,333 shares of its Class A common stock at $3.00 per share. In addition, Aurora has granted the underwriters a 30-day option to purchase up to an additional 10,999,999 shares of its Class A common stock at the public offering price, less the underwriting discounts and commissions. The gross proceeds to Aurora from the public offering, before deducting the underwriting discounts and commissions and estimated offering expenses, were approximately $220 million, assuming no exercise of the underwriters’ option to purchase additional shares.
Concurrent with the public offering, Aurora sold 222,222,216 shares of its Class A common stock in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended, at a sale price equal to $2.70 per share. The gross proceeds to Aurora from the private placement were approximately $600 million.
Goldman Sachs & Co. LLC and Allen & Company LLC acted as joint book-running managers, Evercore ISI acted as book-runner and Canaccord Genuity, TD Cowen and Nomura acted as co-managers for the underwritten public offering. Allen & Company LLC and Goldman Sachs & Co. LLC acted as placement agents for the concurrent private placement.
The Wilson Sonsini team that advised Aurora on the transactions included:
Corporate
Damien Weiss
Megan Baier
David Sharon
Hyo Min Kim
Hannah Yi
Norman Zhang
Technology Transactions
Christopher Paniewski
Regulatory
Matthew Staples
Anne Seymour
Seth Cowell
Troy Jenkins
For more information, please see Aurora’s press release.