Another $ 1.3 billion deal with SPAC?


Date: 13.04.2021

Sarcos Robotics is planning to go public through a reverse merger with blank-check company Rotor Acquisition Corp.

The Salt Lake City-based robot maker and the special purpose acquisition company, or SPAC, will have a combined valuation of $1.3 billion including debt, the company said in a statement on Tuesday, confirming an earlier Bloomberg News report. The deal includes a potential earnout of an additional $281 million based on the performance of the stock after the merger.

To help fund the transaction, the companies have raised about $220 million in a private investment in public equity, or PIPE, from investors including BlackRock Inc., Millennium Management, Palantir Technologies Inc., Caterpillar Venture Capital Inc. and Schlumberger, as well as from their own executives.

Sarcos develops robotic systems for non-repetitive tasks that are designed to increase productivity among industrial and military workers. Its wearable devices help people move heavy objects with mechanical limbs and support, reducing workplace injuries and allowing employees less capable of strenuous labor to carry out tasks such as lifting airport baggage and manufacturing components without assistance.

The article was prepared based on the information: YahooFinance

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