Stock Market Today, Jan. 29: Joby Aviation Falls After Announcing $1.2 Billion Stock and Convertible Note Offerings

Group 1 - Joby Aviation closed at $11.13, down 16.72%, after pricing an upsized capital raise of $1.2 billion through stock and convertible note offerings [1][3] - The trading volume reached 145.5 million shares, approximately 475% above its three-month average of 25.3 million shares [1] - Joby Aviation has grown 6% since its IPO in 2020 [1] Group 2 - The capital raise consists of $600 million from the sale of 53 million shares at $11.35 and $600 million from convertible notes due in 2032 [3] - Joby Aviation burned over $500 million in cash in the last year, making this capital raise a crucial safety net for its certification and manufacturing efforts [3] - The issuance of 53 million shares increases Joby's shares outstanding by 6%, leading to further dilution of shareholder value [4]