Stock Offering Announcement

Joby Aviation (NYSE: JOBY) stock tumbled in pre-market trading Wednesday, dropping more than 9%, after the company announced a $500 million stock offering.

Shares to be sold: 30.5 million
Offering price: $16.85 per share
Gross proceeds: ~$513.9 million
The offering price represents an 11% discount to Tuesday’s close of $18.91.

Use of Proceeds

The capital raised will support:

Obtaining FAA certification for Joby’s electric vertical takeoff and landing (eVTOL) aircraft.
Scaling up production capacity.
Preparing for the commercial launch of air-taxi services.

Market Reaction

Shares of JOBY fell sharply in premarket trade to $16.78 (-3.35% after-hours).
The stock has been volatile in recent days after rumors — later dismissed — suggested Tesla might partner with Joby and rival eVTOL player Archer Aviation (ACHR).
Archer (ACHR) shares also dropped ~8.6% amid the sector’s volatility.

Industry Context

The eVTOL sector is in a capital-intensive phase as companies push toward certification and commercialization.
Both Joby and Archer are racing to bring electric air taxis to market, but face long regulatory timelines and heavy funding needs.