We recently published 10 Stock Titans With Massive Losses. Joby Aviation Inc. (NYSE:JOBY) was one of the worst performers on Thursday.

Joby Aviation fell 16.68 percent on Thursday to close at $11.14 each, as investors digested potential dilution of existing shares following plans to raise $1.38 billion in new funds from the issuance of convertible senior notes and new shares.

In a statement, Joby Aviation Inc. (NYSE:JOBY) said it plans to offer $690 million from the issuance of convertible senior notes due 2032, including a 30-day option to purchase up to an additional $90 million.

Photo from Joby Aviation website

An additional $690 million is expected to be raised from the sale of 60.79 million new shares to the public, including an option to award more than 7.9 million shares.

The notes have a yield rate of 0.75 percent per annum, payable twice a year on the 15th.^th of February and August of each year until its maturity in February 2032.

Noteholders would have the option to redeem or convert their notes. If converted into shares, the conversion rate would be 70.4846 shares of common stock for each $1,000 worth of notes.

Joby Aviation Inc. (NYSE:JOBY) said the proceeds of the offering will be used to fund its certification and manufacturing efforts and prepare for commercial operations, while the remainder will be used for working capital and other general corporate purposes.

Earlier this month, Joby Aviation Inc. (NYSE:JOBY) announced plans to expand its manufacturing footprint with the recent acquisition of its second facility in Ohio. The new site would support its plans to produce four electric air taxis a month from 2027.

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Disclosure: no. This article is originally published in Monkey Insider.