Going public is not the norm for companies that dont have a working and profitable business model.
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Aurora develops hardware and software for autonomous driving and calls its stack Aurora Driver.
The companys self-driving technology uses lidars,computer vision, and high-definition maps of roads.
The company started out with autonomy for passenger cars and got involved in self-driving trucks since 2018.
The acquisition gave Aurora access to Ubers talent and experience and put Uber on Auroras board.
According to the documents the company has published, it plans to launch commercial self-driving trucks in late 2023.
Aurora also plans to follow up with self-driving passenger car technology in 2024 with last-mile delivery and ride-hailing services.
It has no business or operations.
Once the merger is made, the SPACs name is changed to that of the acquired company.
Basically, SPACs give companies a fresh new round of funding from the stock market minus the usual frustration.
But SPACs arent without tradeoffs.
The funding round put Hoffman on Auroras board.
Autonomous ride-hailing has so far proven to be a hard nut to crack.
Both Uber and Lyft havesold their self-driving unitsand canceled short-term plans to launch their own robo-taxi services.
It can then use the profits to fund its continued research and development of self-driving technology for urban areas.
This could materially and adversely affect our addressable markets, commercial competitiveness, and business prospects.)
If the plan works out, Auroras investors will see huge returns on their investment.
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