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Sarco plâns to go public through a SPAC acquisition. \ Image Credit: Sarcos
Sarcos Robotics, a manufacturer of exo-skeletons and mobile robots, plans to merge with Rotor Acquisition Corp. The transaction represents an enterprise value of $1.3 billion for the combined company, plus a potential earnout of an additional $281 million based on the combined company’s future share trading price. Upon closing, the combined company will be named Sarcos Technologies and Robotics Corporation, and the common stock is expected to trade on Nasdaq under the ticker symbol: STRC. The merger is expected to provide the company with up to $496 million of proceeds before expenses to fund business plans, facilitate potential bolt-on acquisitions, and enhance capabilities. The transaction is anticipated to close in Q3 2021
Sarcos Robotics, is a North American producer of highly dexterous mobile industrial robotic systems. It develops robotic systems that enable the workforce of the future with solutions that enhance productivity, reduce occupational injuries, and equalize employment opportunities for the jobs around the world that do not lend themselves to automation.
Takeaways
This announcement is “yet another” announcement of a SPAC-based public listing announcement. It’s an example of a mature company, with an established market and customer-base going public through the SPAC path. Sarcos is a market-leader in exo-skeleton applications, and going public enables them to generate the necessary investment to build out their production capabilities and continue to expand their sales channel world-wide.
The Robot Report will continue to follow this story into the fall as the company completes the merger process.
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