Hyundai Motor Invested Autonomous Driving Startup 'Aurora'... "Agreed to Merge with SPAC"
[Asia Economy Reporter Song Seung-seop] U.S. autonomous vehicle startup Aurora is merging with the special purpose acquisition company (SPAC) 'Reinvent Technology Partners Y.' Aurora is a company strategically invested in by Hyundai Motor Group.
On the 15th, Bloomberg News reported through an anonymous source that the merger results will be announced later. A SPAC is a nominal company established for the purpose of acquiring businesses. It gains profits by acquiring promising companies, while the acquired companies benefit from an easier path to going public.
Reinvent Technology secured $978 million (approximately 1.1159 trillion KRW) through its Nasdaq listing in March. It has also agreed to acquire air taxi startup Joby Aviation and insurance company Hippo.
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Aurora has been collaborating with Hyundai Motor and Kia since 2018. In June 2019, it also disclosed plans for strategic investment.
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