01Facility ceiling vs. cash outlay

ATM ceiling is 1.67x the cash needed at close

Dollar-for-dollar comparison. The ATM is a ceiling, not a commitment — Joby controls the pace.

The 8-K does not explicitly earmark ATM proceeds for the Resonant cash consideration; the link is inferred from filing proximity and Joby's cash-burn profile.

02Terms of the tap

Slow-drip ceiling, not a priced follow-on

The ATM is sold "from time to time at the Company's sole discretion" — shares drip into prevailing liquidity, not a single overnight priced deal.

03Why the dilution is path-dependent

Every share sold near the 52-week low is dilutive

The ATM drips shares into whatever price prevails. Below: illustrative slow-drip pacing against the $750M ceiling.

Illustrative pacing for visualization only — actual timing, size, and price of each sale are at the company's sole discretion and unknown ex-ante.

04Upper-bound dilution

If the full ceiling were drawn at spot

Hypothetical: $750M sold entirely at the $8.42 close.

~89.1Mnew shares

Joby's actual share count outstanding was not in the sourced 8-K, so this is an upper bound on share count, not a precise dilution percentage. Realized dilution depends on how aggressively management taps the facility and at what prices.