Joby Aviation shares tumble after discounted stock offering

STORY: Shares of Joby Aviation fell as much as 12% Wednesday morning after the electric air-taxi maker sold more than 30 million shares overnight at a price that was about 11% below where the stock was trading Tuesday.The California-based company said it would use the proceeds to fund its aircraft certification and manufacturing efforts as well as prepare for commercial operations.Electric vertical takeoff and landing aircraft companies are racing to secure approvals and commercialize their aircraft to meet the growing demand for faster and more sustainable urban transportation.The Toyota-backed company is also expected to benefit from Washington's push to speed air taxi deployment through executive orders and a pilot program which was announced last month.The company recently bought Blade Air Mobility's passenger business, which it could bring to the Uber app as soon as next year. It has also partnered with L3Harris Technologies to develop a military aircraft.Shares of Joby have more than doubled this year.The share sale, which was managed solely by Morgan Stanley, is expected to close Thursday.

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