Benzinga | Oct 25, 2021 04:15PM EDT

Joby Aviation Says Simplifies Corporate Structure

Joby Aviation, Inc. (NYSE:JOBY) ("Joby" or "the Company"), a California-based company developing all-electric aircraft for commercial passenger service, today confirmed the simplification of Joby's corporate structure.

Joby Holdings, Inc. ("Joby Holdings"), a Delaware corporation, a former stockholder of Joby and holding company through which employees of Joby indirectly held interests in Joby stock, was merged with and into Joby earlier today. As a result of this action, stockholders of Joby Holdings were directly issued a corresponding number of shares in Joby Aviation, Inc. Simultaneously, all shares of Joby which were held by Joby Holdings were cancelled, resulting in no dilution to holders of Joby stock. None of these changes result in a change in the directors, executive officers, management or business of Joby.

Immediately prior to this change, Joby Holdings held approximately 16% of the total outstanding shares of Joby.

Joby will be filing a Form S-1 with the Securities and Exchange Commissions ("SEC") to register the shares issued as part of the actions described above.