Revolution Acceleration Acquisition set a July 20 date for shareholders to vote on the SPAC’s proposed merger with robotics company Berkshire Grey. The SPAC has also filed an S-4 and proxy that are now effective.
Announced in February, the deal gives the combined company a post-transaction equity value of up to $2.7 billion.
The transaction is expected to provide up to $413 million in cash proceeds, including a fully committed PIPE of $165 million, with current BG shareholders Khosla Ventures, New Enterprise Associates, Canaan Partners and SoftBank Group Corp. rolling 100 percent of their equity into the combined company. The PIPE is anchored by Chamath Palihapitiya, Founder and CEO of Social Capital, Hedosophia and funds and accounts managed by BlackRock.
Founded in 2013 by CEO Tom Wagner, Ph.D., the former CTO at iRobot, BG is a pure-play robotics company offering fully integrated, AI-based software and hardware solutions to automate business operations in warehouses and logistics fulfillment centers. Read more.
