Aurora Entered Into $600M Common Stock Purchase Agreement With Certain Existing Institutional And Strategic Investors To Issue And Sell 222,222,216 Shares Of Its Class A Common Stock At $2.70/Share
Portfolio Pulse from Happy Mohamed
Aurora has entered into a $600 million common stock purchase agreement with certain existing institutional and strategic investors. The company will issue and sell 222,222,216 shares of its Class A common stock at $2.70 per share. The sale is expected to close on July 21, 2023. Goldman Sachs & Co. LLC and Allen & Company LLC are acting as joint book-running managers.
July 19, 2023 | 12:26 pm
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NEUTRAL IMPACT
Aurora's agreement to sell 222,222,216 shares at $2.70/share could impact its stock price.
The sale of a large number of shares can dilute existing shareholders' equity, potentially leading to a decrease in the stock price. However, the influx of $600M could also strengthen the company's financial position, which might have a positive effect on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Goldman Sachs is acting as a joint book-running manager for Aurora's stock sale.
As a joint book-running manager, Goldman Sachs could earn significant fees from this transaction, which could have a positive impact on its revenues and potentially its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50