Joby flexes military muscle with $500 million defense acquisition

Joby Aviation has announced the acquisition of Resonant Sciences, a defense firm based in Dayton, Ohio, for $500 million. This strategic move aims to expand the electric aircraft company's presence within the military industrial complex. Joby plans to finance the transaction using $450 million in cash and $50 million in equity. Following the announcement of this defense tech acquisition, Joby Aviation experienced a decline in its stock price as the market reacted to the deal.