Why Aurora Innovation (AUR) Stock Is Falling

Aurora Innovation Inc AUR shares are trading lower by 5.4% to $3.04 Wednesday morning. Shares are trading lower after the company disclosed plans to sell $600 million worth of stock in a private placement.

Aurora has entered into a common stock purchase agreement concurrent with the company's public offering. They will issue and sell 222,222,216 shares of Class A common stock at $2.70 per share, raising $600 million through a private placement.

The private placement is expected to close on July 21, subject to customary conditions, and is separate from the public offering.

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According to data from Benzinga Pro, AUR has a 52-week high of $3.54 and a 52-week low of $1.10.