Joby Aviation Inc. (NYSE:JOBY) was one of the worst performers, declining by 16.68 percent on Thursday to close at $11.14. The company plans to raise $1.38 billion from convertible senior notes and new stocks. This includes $690 million from senior notes and $690 million from new shares to the public.

The notes have a yield rate of 0.75 percent per annum and are due in February 2032. Noteholders can redeem or convert their notes, with a conversion rate of 70.4846 common shares for every $1,000 worth of notes. Proceeds will fund certification, manufacturing, and commercial operations.

Joby Aviation also announced plans to expand its manufacturing footprint with a second facility in Ohio. The site will support the production of four electric air taxis per month from 2027. While the company shows potential, other AI stocks may offer higher returns with less downside risk.

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Read more at Yahoo Finance: Joby Aviation (JOBY) Loses 16.68% on Fresh Billion-Dollar Fundraising Initiative