Joby Aviation, Inc. 8-K

What Happened Joby Aviation, Inc. announced that on March 6, 2026 its indirect subsidiary 1669 Capstone Way, LLC (“PropCo”) entered into a Loan Agreement with B UL LLC to borrow $30,750,000 to acquire a specified property. The loan is senior, secured and non‑revolving, and is evidenced by a promissory note. Joby Aero, Inc. (“Aero”) is the sole owner of PropCo through 1669 Capstone Holdco, LLC (“HoldCo”), and both HoldCo and Aero provided customary guaranties and indemnities to the lender.

Key Details

• Loan amount: $30,750,000; Loan Agreement dated March 6, 2026; 8‑K filed March 11, 2026.
• Structure: Senior, secured, non‑revolving, interest‑only loan with a 10‑year term. Interest = 10‑year Treasury yield + negotiated margin (fixed for the loan).
• Collateral/credit support: mortgage on the acquired property; accommodation pledge of PropCo membership interests by HoldCo; HoldCo guaranty; Aero non‑recourse carveout guaranty and environmental indemnity.
• Other terms: prepayment allowed (subject to fees), customary reps/warranties, affirmative/negative covenants, customary events of default, and required reserves for property taxes and insurance. Loan not subject to Joby shareholder approval.

Why It Matters This filing shows Joby is financing a real‑estate acquisition through a secured $30.75M loan at the subsidiary level rather than using corporate cash. The mortgage and membership‑interest pledge mean the acquired property and PropCo equity are encumbered; Aero has limited additional exposure through its carveout guaranty and indemnity. For investors, the item is material because it commits the company’s subsidiaries to long‑term debt obligations and collateral arrangements that could affect future liquidity or operating flexibility, especially if covenants are triggered.