Revolution Acceleration Acquisition in an 8-K filing said shareholders voted in favor of the SPAC’s merger with robotics company Berkshire Grey. The combined enterprise is valued at $2.7 billion.
The 8-K did not state whether there were any redemptions ahead of the vote. The SPAC’s shares last traded at $9.06, up 1.46% on the day.
Announced in February, the transaction is expected to provide up to $413 million in cash proceeds, including a fully committed $165 million PIPE, 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.