** Shares of electric air taxi maker Joby Aviation JOBY.N down 12.3% in extended trading to $11.73 as it seeks capital raise
** Santa Cruz, California-based JOBY announces offerings of convertible bonds (CBs) due 2032 and common stock for anticipated gross proceeds of $1 bln
** Co intends to use net proceeds from concurrent offerings to fund its certification and manufacturing efforts, prepare for commercial operations and for general purposes
** It also plans to use portion of CBs proceeds to fund cost of capped calls, derivative transactions employed to mitigate potential dilution
** Morgan Stanley, Allen & Co and BofA joint bookrunners for stock offering; Goldman Sachs joins same trio as a joint bookrunner for the CBs offering
** JOBY has about $12 bln market cap
** Shares on Weds ended down 0.7% at $13.37. Stock has gained about 60% over the past year
** 2 of 11 analysts rate the stock "buy", 6 rate "hold" and 3 recommend "sell"; median PT $12.50, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))