Business
Symbotic Becomes a Publicly Traded Company Through Completion of Business Combination with SoftBank-Sponsored SVF Investment Corp. 3
Transaction Delivers Significant Growth Capital to Accelerate Expansion and Execute an Industry-Leading $11-plus Billion in Contracted Orders Symbotic Class
About this update from Symbotic Inc.
[{"type":"text","content":"\nTransaction Delivers Significant Growth Capital to Accelerate Expansion and Execute an Industry-Leading $11-plus Billion in Contracted Orders\n\nSymbotic Class A Common Stock to Begin Trading on Nasdaq Under the Symbol “SYM”\n\n WILMINGTON, Mass. & SAN CARLOS, Calif.--(BUSINESS WIRE)--\nSymbotic LLC, a leader in A.I.-enabled robotics automation technology, today announced the completion of its business combination with SVF Investment Corp. 3 (NASDAQ: SVFC) (“SVFC”), a special purpose acquisition company sponsored by an affiliate of SoftBank Investment Advisers, to become a publicly traded company. The combined company will operate as “Symbotic Inc.,” and its Class A common stock expects to trade on The Nasdaq Stock Market under the ticker symbol “SYM” on June 8, 2022.\n\nThe business combination was approved at a special meeting of SVFC shareholders held on June 3, 2022. As a result of the transaction, the combined company received additional growth capital to supplement its existing $363 million of combined cash on the balance sheet as of March 26, 2022 and proceeds from a May 20, 2022 warrant exercise. This will enable Symbotic to accelerate its growth, expand into new verticals, and progress toward its financial targets. With an existing industry-leading $11-plus billion in contracted orders, Symbotic has proven to customers the power of its technology and ability to scale quickly.\n\nOver the past 15 years, Symbotic has developed the next generation of robotics technology. The supply chain industry experiences exponential data growth every year, resulting in increasingly complex distribution challenges. Symbotic solves this problem with its end-to-end robotics solution that is powered by a sophisticated data platform with self-learning software that is flexible to changing conditions, transforming the flow of goods of the supply chain for customers.\n\n“Today marks a significant milestone for Symbotic and its employees, and we are excited to accelerate our growth with a truly disruptive technology platform used by some of the world’s largest companies,” said Michael J. Loparco, CEO of Symbotic. “Symbotic’s long-term partnership with SoftBank and other established investors will allow us to more rapidly scale our operations, introduce new technology innovations, and expand into new markets.”\n\n“Our vision at Symbotic has a...