That's a big kick in the cobblers for Joby holders..
BUZZ-Joby Aviation loses altitude after $1 bln stock, convertible deals announced
BUZZ-Joby Aviation loses altitude after $1 bln stock, convertible deals announced** 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 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
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