Aurora Innovation shares fall on public share offering
Shares of Aurora Innovation Inc. (AUR) slid 9.9% after hours on Tuesday after the maker of self-driving vehicle technology said it had begun a proposed public share offering of up to $200 million and agreed to a $600 million private sale to certain investors. For the public offering, Aurora said it plans to grant the underwriters a 30-day option to buy up to an extra 15% of the shares to be sold. The company has also entered into a private-placement agreement with "certain existing institutional and strategic investors, entities affiliated with two of Aurora's directors, and new institutional investors" to sell around $600 million of its shares at a price that will be under $2.70 apiece. Those shares will be sold at a discount to the public-offering price. Share offerings increase the existing supply of shares, thus often lowering their price.
-Bill Peters
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
07-18-23 1748ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings and a 56% Rally In 2024, Is Arm Stock a Buy, a Sell, or Fairly Valued?
-
How Morningstar Rates Stocks
-
After Earnings, Is Disney Stock a Buy, a Sell, or Fairly Valued?
-
Home Depot Earnings: Macro Factors Pinch Demand, but Long-Term Outlook Intact
-
Tariffs On Chinese EVs Offer US Automakers a Chance to Capture Demand
-
The Best REITs to Buy
-
3 Hot Stocks to Buy That Still Look Undervalued
-
After Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?