09:55 AM EDT, 10/25/2024 (MT Newswires) -- (Updates with recent share price movement in the headline and first paragraph.)

Joby Aviation ( JOBY ) shares were down 14% in recent Friday trading after the company said it priced an underwritten public offering of 40 million common shares at $5.05 per share for expected gross proceeds of $202 million.

The underwriters have been granted a 30-day option to purchase up to 6 million additional shares.

Net proceeds will be used to fund the company's certification and manufacturing efforts, preparation for commercial operations, as well as for working capital and general corporate purposes, the company said.

Closing of the offering is expected to occur on Oct. 28, subject to customary conditions.

Price: 5.19, Change: -0.85, Percent Change: -14.14