(Reuters) – Self-driving technology firm Aurora Innovation said on Tuesday it plans to sell $600 million worth of class A common stock in a private placement, sending the company’s shares down more than 10% in after-market trading.
The company also commenced an underwritten public offering of up to $200 million of its Class A common stock.
Aurora said in a regulatory filing it expects to report that it had $785 million of cash, cash equivalents and short-term investments, exclusive of restricted cash, as of June 30.
In November, the company said it had more than $1.2 billion in cash and short-term investments.
Aurora on Tuesday forecast quarterly cash use of $175 million to $185 million, on average, from the third quarter of 2023 through its planned commercial launch.
The company plans to launch its self-driving Aurora Driver platform at the end of 2024.
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(Reporting by Savyata Mishra in Bengaluru)