Dawn Innovation, the self-driving technology company that aims to Launch an Autonomous Truck Business by 2024, has completed an $820 million capital raise from a simultaneous public and private offering of its shares. The company expects the deal to close on Friday.

The share sale will help fund Aurora through commercial launch late next year and “well into 2025,” according to the company. Aurora said in November 2022 that there was enough money to get to mid-2024. The pre-revenue company has repeatedly said it would need to ramp up again to get to launch and beyond.

In September 2022, a leaked note It showed that Aurora CEO Chris Urmson had been weighing a variety of options to preserve the company’s cash position, including spin-offs, layoffs, acquisitions, and, of course, raises. In the memo, Urmson said it was worth finding “a path to raise $300 million in the next year to add about six months to our track.”

In April, Aurora submitted a proposed mixed platform offering for raise $350 million.

“We’ve always been transparent and said we would need to raise more money before our commercial launch and profitability,” Rachel Chibidakis, a spokesperson for Aurora, told TechCrunch. “This sizeable capital increase is expected to help us move past the launch of our autonomous truck business, which is planned for next year and well into 2025.”

Aurora, which has prioritized the commercialization of autonomous trucks, has pilot alliances with fedex, Paccar, Schneider, Werner and Xpress. The commercial launch will involve operating a fleet of about 20 trucks between Dallas and Houston, hauling cargo for driverless customers, a spokesperson told TechCrunch.

Aurora did not say specifically what it hopes to do with the funds. The company’s prospectus is vague, stating that Aurora will use the money for “working capital and other general corporate purposes.” Part of the money will be invested in investment grade instruments in the short and medium term. It is also possible that a portion of the proceeds will be used to acquire or invest in additional businesses, technologies, products or assets, the company wrote in a document.

The increase is divided into two parts. Aurora is selling 73,333,333 Class A common shares at the public offering price of $3 per share, or a value of $220 million. The company is also selling 222,222,216 shares privately at a price per share of $2.70, or a value of $600 million, for a user information which was presented on Tuesday.

The shares were trading at $3.22 on Tuesday at close before falling sharply in after-close trading to $2.87. Aurora’s stock price closed Thursday at $2.92.

Aurora has not yet stated when it will report second-quarter earnings, at which time they are expected to outline their plans for cash. The company said in a filing that it expects to report $785 million in cash, cash equivalents and short-term investments beginning June 30, 2023. That number does not include the $820 million from the share sale.

The names of the investors will come to light once the deal closes on Friday. Aurora only said that several existing institutional and strategic investors participated in the increase.