SVF Investment 3 announced today that the SEC has declared effective its registration statement and prospectus on the proposed merger with Symbotic, which designs technology to retrofit or build greenfield automated warehouses for the supermarket and retail supply chain. The target’s parent entity Warehouse Technologies is backed by WalMart. SoitBank sponsors the SPAC.
SVF called a June 3 meeting for shareholders to vote on the deal. If approved, Symbotic will begin trading on the Nasdaq under the ticker SYM.
As announced in December, the deal is expected to deliver $725 million of gross proceeds, consisting of $320 million of cash in trust from SVFC, assuming no redemptions, as well as 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 requirement is already fully covered by the $405 million of committed equity capital that Symbotic and SVFC have raised. Read more.
