Why Joby Aviation Stock Is Falling After Hours

Joby Aviation Inc (NYSE:JOBY) shares are falling in extended trading Tuesday after the company announced it entered into an equity distribution agreement.

What Happened: In a new regulatory filing released after the market close on Tuesday, Joby announced an offering agreement under which the company may sell up to $300 million worth of common stock.

Under terms of the agreement, managers Morgan Stanley and Allen & Company will sell Joby common stock from time to time based on instructions from the company. Joby will pay the managers a 3% commission on gross sale proceeds.

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Joby reported financial results for the third quarter at the beginning of November. The company said it ended the period with $710 million in cash and short-term investments.

Joby is not due to report quarterly financial results again until February. Analysts currently expect the company to report a loss of 19 cents per share and revenue of $57,250.

JOBY Price Action: Joby shares were down 8.78% in after-hours, trading at $7.79 at the time of publication Thursday, per Benzinga Pro.

Photo: Courtesy of Joby Aviation.