T. Rowe Price

Convoy’s tech focus may have obscured importance of human element

In early 2020, a well-known transportation executive was asked by an investor in digital freight broker Convoy Inc. to determine if its model could be sustained in good and not-so-good markets. The executive, who requested anonymity to speak candidly, evaluated the company and came away skeptical about its prospects.

The executive approached Dan Lewis, Convoy’s co-founder and CEO, with a suggestion: First, hive off a few million dollars in capital to establish some type of an operation in...

https://www.freightwaves.com/news/convoys-tech-focus-may-have-obscured-importance-of-human-element

Report: Convoy is for sale

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Seattle-based digital freight brokerage Convoy has hired an investment bank to help it explore...

https://www.freightwaves.com/news/report-convoy-is-for-sale

Buying and selling in autonomous trucking developer Aurora Innovation

In a week that saw the field of viable autonomous trucking developers shrink again — more on Waymo Via waving buh-bye for now below — Aurora Innovation (NASDAQ: AUR) disclosed that  T. Rowe Price Investment Management Inc. purchased $125 million of new stock issued in a $600 million private placement. 

Uber Technologies, already a major holder of Aurora shares, added $1 million to its stake in the private placement and 24.66 million shares at $3 each — worth about $74 million — in Aurora’s $220...

https://www.freightwaves.com/news/buying-and-selling-in-autonomous-trucking-developer-aurora-innovation

Amazon, Ford among the big winners in Rivian’s IPO

Rivian, the Amazon-backed electric vehicle startup, exceeded even its expectations as it hit the public markets Wednesday at a value of nearly $70 billion. Late Tuesday, the company announced it would set the price per share at $78, above even the revised range of $72 to $74 per share it said in a Securities and Exchange Commission filing on Friday.

Morgan Stanley, Goldman Sachs and J.P. Morgan were the lead underwriters. Rivian plans to offer 153 million shares to the public.

In its regulatory...

https://www.freightwaves.com/news/amazon-ford-among-the-big-winners-in-rivians-ipo

Rivian for the win: Electric-vehicle maker targets $8B IPO windfall

Electric vehicle maker Rivian moves closer to IPO

Electric-vehicle maker Rivian, which is backed by Amazon, Ford and T. Rowe Price, is looking to raise between $5 billion and $8 billion in an initial public offering, Reuters is reporting.

The company filed last month confidentially with the Securities and Exchange Commission for an IPO that could value the company at $80 billion.

“The size and price range for the proposed offering have yet to be determined,” the company said in a statement issued to the media at the time. “The initial public...

https://www.freightwaves.com/news/rivian-for-the-win-electric-vehicle-maker-targets-8b-ipo-windfall

Breaking: Amazon-backed Rivian files for $80B IPO

Electric van maker Rivian files for IPO

Electric vehicle maker Rivian has confirmed it has filed confidentially with the Securities & Exchange Commission for an initial public offering that could value the company at $80 billion, according to reports.

“The size and price range for the proposed offering have yet to be determined,” the company said in a statement issued to the media. “The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.”

Bloomberg was...

https://www.freightwaves.com/news/breaking-amazon-backed-rivian-files-for-80b-ipo

Houston, we have a robot: Nuro, Domino’s team up for autonomous pizza delivery

Nuro R2 self-driving robot delivering Domino's pizza in Houston

Starting this week, residents in Houston are able to order from Domino’s (NYSE: DPZ) and have their pizza delivered via an autonomous delivery vehicle.

Self-driving delivery company Nuro is now offering delivery of Domino’s pizza in the area on certain days and times by its R2 robot vehicle. The deliveries are being made from Domino’s Woodland Heights location.

“Nuro’s mission is to better everyday life through robotics. Now, for the first time, we’re launching real-world, autonomous deliveries...

https://www.freightwaves.com/news/houston-we-have-a-robot-nuro-dominos-team-up-for-autonomous-pizza-delivery

Grab to secure $4.5B in new funding from $39.5B SPAC merger

Singapore-based Grab Holdings announced it will go public on the NASDAQ stock exchange through a merger with special purpose acquisition company (SPAC) Altimeter Growth Corp. (NASDAQ: AGC) in a deal that will value the company at approximately $39.5 billion.

AGC was off more than 5% in morning trading following the news. It closed Monday at $13.95.

Grab will net nearly $4.5 billion in funding from the transaction, including private investment in public equity (PIPE) funding of $4 billion....

https://www.freightwaves.com/news/grab-to-secure-45b-in-new-funding-from-395b-spac-merger