BOTS, Inc. announced today the formation of Robot Acquisition Corporation (RoboSPAC), to raise $100 million to acquire an advanced, profitable, robotics enterprise. The company revised its business plan to add “SPAC Sponsor” to its mergers and acquisitions strategies.
The global robotics technology market size was valued at $62.75 billion in 2019 and is projected to reach $189.36 billion by 2027, growing at a CAGR of 13.5% from 2020 to 2027, BOTS said in a statement.
Puerto Rico-based BOTS designs products, technologies, and services for the cyber-security, digital robotics automation and AI for manufacturing industry space. The company said its SPAC would retain a 20 percent stake in any acquisition.
As of noon Eastern Time Jan. 28, the SEC had not posted a publicly available S-1 form on the new SPAC, nor could it be immediately determined if BOTS had yet filed one. Read more.
