Joby Buys Plantronics/Poly Building for $25.5M

Artistic rendering by Matthew Swinnerton.

On November 4, 2022, Joby Aero, Inc., a wholly-owned subsidiary of Joby Aviation, Inc., (the "Company") entered into a Purchase and Sale Agreement (the "Agreement") with Frederick Electronics Corporation, a Maryland corporation ("Frederick") and Plantronics, Inc., a Delaware corporation ("Plantronics" and, together with Frederick, the "Seller"). Pursuant to the terms of the Agreement, the Company agreed to purchase certain real property, improvements and other assets (the "Property") from the Seller for a purchase price of $25,500,000 (the "Purchase Price").

The Property consists of approximately 162,000 square feet across five buildings located at 345 Encinal Street, Santa Cruz, California. The Company has agreed to lease back to the Plantronics a portion of the Property for up to 12 months.

Under the Agreement, the Company will deposit $400,000 in escrow (the "Deposit") within five days after entering into the Agreement.

If the Company elects to proceed with the purchase of the Property, the closing of the transaction (the "Closing") will occur on November 30, 2022. If the Closing does not occur because of the Company's failure to timely perform any of its obligations under the Agreement, the Deposit will be paid to the Seller as liquidated damages. If the Closing does not occur for any other reason, the Deposit will be returned to the Company.

Originally Posted by MarketScreener