Stock Track | Aurora Innovation Plunges 15.30% After Uber Announces $1B Exchangeable Notes Offering

Stock Track
05-16

Aurora Innovation (AUR) saw its stock plummet 15.30% in after-hours trading on Tuesday following a significant announcement from its major stakeholder, Uber Technologies. The sharp decline came as Uber revealed plans for a proposed $1 billion offering of notes that would be exchangeable for Aurora stock, raising concerns about potential dilution and selling pressure.

Uber's announcement detailed that the senior notes, due in 2028, will be exchangeable into cash, or under certain conditions, units of reference property, or a combination of both, at Uber's discretion. Initially, each unit of reference property will comprise one Aurora share. This move by Uber, which plans to use the net proceeds for general purposes including potential strategic investments, has sparked a sell-off in Aurora's stock.

The relationship between Aurora and Uber dates back to December 2020, when Uber sold its self-driving car unit to Aurora and made a $400 million cash investment in the company. Despite the current downturn, Aurora's stock has shown strong performance this year, gaining about 16% since the start of 2025 and approximately 140% over the past 12 months. The company recently inked a long-term deal with Nvidia and Germany's Continental to deploy driverless trucks, highlighting its ongoing efforts in the autonomous vehicle sector.

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