The Robot Report
Symbotic completes SPAC transaction and makes NASDAQ debut
Jump to heading Symbotic completes SPAC transaction and makes NASDAQ debut
After finalizing its merger with SVF Investment Corp., Symbotic debuted on the NASDAQ today under the ticker code "SYM". The merger was authorized by SVFC shareholders in a meeting on June 3, 2022.
The Symbotic system consists of a squadron of completely autonomous robots that receive, store, and retrieve merchandise at distribution facilities. It employs hundreds of autonomous mobile robots known as "Symbots." The SPAC,
SVF Investment Corp. 3, is sponsored by a Softbank Investment Advisors affiliate. A wave of companies went public, or announced intentions to go public via a SPAC in 2021. Among the companies on the list are Aurora Innovation, Berkshire Grey, Bright Machines, Memic, Sarcos Robotics, and Vicarious Surgical.
"Today is a big milestone for Symbotic and our workers, and we are thrilled to drive our development with a genuinely revolutionary technology platform employed by some of the world's top corporations," stated Symbotic CEO M. Loparco. "Symbotic's long-term cooperation with SoftBank and other established investors will enable us to develop our operations more quickly, bring new technological advances, and enter new industries.
As of March 26, 2022, the combined business, Symbotic Inc., has $363 million in cash on the balance sheet. It also obtained further expansion capital and revenues from a warrant exercise on May 20, 2022. The combined money will allow the firm to develop quicker, expand into new markets, and meet its financial goals.
"We are excited to have completed our business combination with Symbotic," stated Yanni Pipilis, SVF Investment Corp. 3 Chairman and CEO and also Managing Partner of SoftBank Investment Advisers. "With an amazing technical platform and strong client connections, we feel Symbotic is way ahead of its contemporaries." Symbotic's ability to implement, from innovation to implementation, gives me complete confidence in the company's performance in public markets."
The corporation claims to have over $11 billion in committed orders. Walmart has announced intentions to install Symbotic's technology in all 42 of its regional distribution facilities.
Symbotic and Walmart announced their agreement in July 2021, with Walmart planning to equip 25 of its distribution hubs with Symbotic's technology. The businesses have been collaborating since 2017, when Symbotic's technology was first tested at Walmart's distribution hub in Brooksville, Florida.
According to the business, Symbotic's software can choreograph a complete fleet of robots to accept, store, and retrieve a practically infinite number of SKUs. Each robot is outfitted with the company's patented end-of-arm equipment and vision technologies, enabling it to produce cases, totes, and packages at industry-leading rates.
Rick Cohen will remain chairman of the board of directors and president of Symbotic, while Loparco will continue to head the merged firm. Symbotic's exclusive financial adviser was Goldman Sachs & Co., while SVFC's exclusive financial advisor was Deutsche Bank Securities.
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(As of June 9, 2022, funds managed by Cohanzick Management, LLC and its affiliates own a position in SVF Investment Corp., but do not own a position in SVF Investment Corp 3, Aurora Innovation, Berkshire Grey, Bright Machines, Memic, Sarcos Robotics, nor Vicarious Surgical.)
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