Aurora Innovation plans $600 million private placement, shares fall

(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.

(Reporting by Savyata Mishra in Bengaluru)