Reinvent Technology Partners

The two share lines are priced millions of times apart, and the cheaper one is the deal: 97,257,166 shares carry an aggregate offering price of $320.95 and a registration fee of four cents, because a private target with no market for its securities is valued off par rather than off price. The 69,000,000 public shares are priced at a market average of $10.26 because they already trade. A reader taking the $745,196,870.95 aggregate as a deal value would be reading the SPAC's own float, not the merger consideration.

The two share lines are priced on incompatible bases and the fee shows it: the SPAC's own 69,000,000 converting shares are valued at the NYSE high-low average of $10.26 on March 30, 2021 and carry $77,273.52 of fee, while the 97,257,166 shares actually issued in the merger are valued at $0.0000033 each — $320.95 in total, four cents of fee. Nothing in this table is a valuation of the transaction; the 97,257,166 share count is the only figure in it a holder can use to size dilution.

The exchange ratio has been revised downward and the option and restricted stock unit reserves are measured on a later date, so the composition of the target-side count has shifted even as the total rose. That line is still priced at one-third of par value under Rule 457(f)(2) — 97,312,499 shares for an aggregate offering price of $321.13 — because Joby is private with no market for its securities and an accumulated deficit, while RTP's own 69,000,000 public shares and 17,250,000 public warrants carry effectively the whole $81,300.99 fee.

The third line is the dilution, and it is priced at one-third of par value under Rule 457(f)(2) because Joby is private with no market for its securities and an accumulated deficit — so 94,257,322 shares carry an aggregate offering price of $311.05. That line covers 63,103,683 shares issued in the Merger, expressly excluding shares going to Joby shareholders who have already voted in favour, plus 24,016,330 option shares and 7,137,309 restricted stock unit shares, each at an exchange ratio of 3.497 Joby Aviation shares per Joby share.

What changed: Joby Aviation (formerly RTP/Reinvent Technology Partners) filed an 8-K disclosing a Stock Purchase Agreement dated August 8, 2026 to acquire Strix Holdings, Inc. (owner of Resonant Sciences, LLC) for a $500M base purchase price, with consideration split between cash and Joby common stock priced at $7.4752/share (20-day VWAP). Why it matters: This is a post-deal SPAC issuer using its publicly traded stock as acquisition currency, with a fixed reference price of $7.4752 — meaning the stock portion's value is locked regardless of market moves. The deal requires CFIUS, DCSA, and UK national security approvals, introducing regulatory closing risk.

What changed: The 10-Q filed under Commission file number 001-39524 is that of Joby Aviation, Inc. (NYSE: JOBY) for the quarter ended June 30, 2026, with 989,124,237 shares outstanding as of August 3, 2026. Cash and equivalents rose to $629,861 thousand from $240,810 thousand and short-term investments to $1,633,965 thousand from $1,167,106 thousand, taking total cash and short-term investments to $2,263,826 thousand from $1,407,916 thousand and total assets to $2,752,177 thousand from $1,795,069 thousand. Why it matters: The company added roughly $856 million of liquidity in six months by raising about $720 million of equity and $702 million of new debt — the first long-term borrowing on this balance sheet. The warrant and earnout liabilities together fell $144.5 million, which flatters the reported result without any cash moving.