Aurora Innovation (NASDAQ:AUR) shares are down in double digits today after the self-driving technology solutions provider announced an underwritten public offering of nearly $200 million worth of its Class A shares. The company is also giving a 30-day option to underwriters to acquire an additional 15% of the shares being sold in the offering. Besides the offering, Aurora has also entered into a share purchase agreement with certain investors to issue and sell Class A shares worth $600 million at either $2.70 per share or at a 10% discount to the per share price in the public offering (lesser of the two).
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This concurrent private placement is anticipated to close on July 21. Today’s price erosion comes after a nearly 130% surge in Aurora shares over the past six months. The company is also slated to announce second-quarter numbers on August 2 and is expected to incur a net loss per share of $0.17 for the period. In the comparable year-ago quarter, Aurora had posted a net loss per share of $1.02 versus analysts’ estimates of a net loss per share of $0.18.
Overall, the Street has a $3.13 consensus price target on Aurora alongside a Moderate Buy consensus rating.
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