Aurora Innovation launches $200M public offering and $600M private placement; provides cash runway

Aurora Innovation, Inc.

Announces $200M underwritten public offering of Class A common stock; 30-day underwriter option for 15% additional shares.
Concurrent private placement of $600M at the lesser of $2.70 or a 10% discount to the public offering price.
Reports $785M cash as of June 30, 2023; average quarterly cash burn estimated at $175M-$185M through commercial launch.
Needs $1.6-$1.7B incremental capital to reach free cash flow breakeven on a run-rate basis by end of 2027.
Private placement includes existing institutional investors, directors' affiliates, and new investors; expected close July 21, 2023.

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