Walmart-backed Symbotic said today it would go public through a merger with SoftBank Group blank-check firm SVF Investment 3 in a deal offering the robotics and automation startup a pro-forma equity value of $5.5 billion, Reuters reports.
If approved, Symbotic would trade on ther Nasdaq under the ticker symbol SYM.
The deal is expected to deliver $725 million of gross proceeds, consisting of $320 million of cash in trust from SVFC, assuming no redemptions, a $205 million PIPE, including a $150 million participation from Walmart, and a $200 million forward purchase of stock by an affiliate of SoftBank Vision Fund 2. The minimum cash requiremewnt is already fully covered by the $405 million of committed equity capital that Symbotic and SVFC have raised, reducing potential deal uncertainty.
Symbotic also expects to receive an additional $174 million in cash from Walmart by the end of ther month for general corporate purposes as a result of Walmart exercising warrants it holds in the company.
Symbotic designs technology to retrofit or build greenfield automated warehouses for the supermarket and retail supply chain. Read more.
