Aurora Innovation slides on Uber $1 bln exchangeable notes sale

Shares of self-driving technology maker Aurora Innovation AUR.O slide 17.5% to $6.04 premarket after stockholder Uber Technologies UBER.N secures capital raise

San Francisco, California-based ride-hailing firm late Tues announced pricing $1 bln 0% 3-yr exchangeable notes offering

The notes will be exchangeable into cash, or, per certain share delivery conditions, units of reference property, or combination of cash and units of reference property, at Uber’s election

Initially, each unit of reference property will comprise one AUR share, Uber said. The initial exchange price of $8.50 is ~16% above AUR's $7.32 last sale on Tues

Uber, which has ~$192 bln market cap, plans to use net proceeds for general purposes, including potential strategic investments

Shares of UBER on Tues finished up ~4% at record high close of $91.72, extending YTD gain to 52%. Its stock is off 0.5% before the bell

In Jan, Aurora inked long-term deal with Nvidia NVDA.O and Germany's Continental CONG.DE to deploy driverless trucks

Through Tues, AUR's shares gained 16% YTD. Shares closed at $3.14 a year ago

Pittsburgh, Pennsylvania-headquartered Aurora has ~1.8 bln shares outstanding for $13 bln market cap. Uber is its largest shareholder with ~326 mln shares, according to LSEG data