Rotor Acquisition announced today that its shareholders voted in favor of the business combination with Sarcos Robotics. The combined enterprise is valued at $1.3 billion.
The post-closing company’s stock and warrants are expected to begin trading Sept. 27 on the Nasdaq under STRC and STRCW.
Rotor’s news release did not mention redemptions, if any, although the SPAC traded consistently above $10 up through the redemption deadline, which was Monday.
Announced in April, the $496 million transaction consideration consists of the SPAC’s cash in trust — assuming no redemptions — plus a $200 million PIPE. Deal terms also call for a potential earnout of an additional $281 million based on the combined company’s future share trading price. Read more.
