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Why Uber-Backed Aurora Innovation Stock Sank Today
Shares of Aurora Innovation (NASDAQ: AUR) tumbled 6.3% on Wednesday. The autonomous vehicle technology company's stock had been down as much as 17% earlier in the day.The self-driving technology developer is seeing its stock pressured after Uber announced it plans to issue exchangeable notes that could be converted into Aurora shares, sparking fears of dilution.Uber -- Aurora's largest shareholder -- yesterday announced its intention to offer $1 billion in exchangeable senior notes that can be exchanged for cash or used as "reference property," which Uber disclosed would initially consist of Aurora's Class A common stock. This allows Uber to raise cash now without outright selling its stake in Aurora.Continue reading
Shares of Aurora Innovation (NASDAQ: AUR) tumbled 6.3% on Wednesday. The autonomous vehicle technology company's stock had been down as much as 17% earlier in the day.
The self-driving technology developer is seeing its stock pressured after Uber announced it plans to issue exchangeable notes that could be converted into Aurora shares, sparking fears of dilution.
Uber -- Aurora's largest shareholder -- yesterday announced its intention to offer $1 billion in exchangeable senior notes that can be exchanged for cash or used as "reference property," which Uber disclosed would initially consist of Aurora's Class A common stock. This allows Uber to raise cash now without outright selling its stake in Aurora.
