Joby Aviation (JOBY) shares crashed as much as 18% on Jan. 29, after the eVTOL firm announced a significantly upsized capital raise totaling about $1.2 billion. JOBY’s proposed offering includes $600 million in convertible senior notes due 2032 and nearly 53 million shares priced at $11.35, representing a 15% discount to its previous close.
The company’s share price cratered this morning as investors priced in the expected dilution from this capital injection. However, JOBY stock remains up 130% versus its 52-week low.
