Toyota-backed air taxi startup Joby explores deal to go public through SPAC merger

Toyota-backed air taxi startup Joby explores deal to go public through SPAC merger

A 2014 image of Joby Aviation's prototype. Credit: Joby Aviation social media

Electric passenger aircraft developer Joby Aero Inc is exploring a deal to go public through a merger with a blank-check acquisition firm at a valuation of around $5 billion, according to people familiar with the matter.

Joby has hired investment banks to solicit interest from so-called special purpose acquisition companies (SPACs) about a potential deal, the sources said.

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