SVF Investment 3 in a regulatory filing announced that shareholders voted in favor of merging with Symbotic, which designs technology to retrofit or build greenfield automated warehouses for the supermarket and retail supply chain.
According to the 8-K filing redemptions totaled nearly $275 million, which is about 86% of the SPAC’s $320 million in trust.
However, the minimum cash requirement is already fully covered by the $405 million of committed equity capital that Symbotic and SVFC have raised, the SPAC confirmed last month.
The target’s parent entity Warehouse Technologies is backed by WalMart. SoitBank sponsors the SPAC.
Symbotic is expected to begin trading on the Nasdaq under the ticker SYM. Read more.
