Sarcos Robotics will go public through a merger with special purpose acquisition company Rotor Acquisition Corp. according to the company’s press release. The combined company has an enterprise value of $1.3 billion, with a potential earnout of additional $281 million based on the future share trading price.
The merger is expected to provide up to $496 million of proceeds before expenses to fund business plans, facilitate potential bolt-on acquisitions, and enhance capabilities.
The transaction adds $220 million PIPE with participation from funds and accounts managed by companies such as BlackRock, Millennium Management LLC, Palantir, and others.
The combined company’s common stock is expected to trade on Nasdaq under ticker, STRC, with the transaction anticipated to close in Q3, 2021.
Rotor Acquisition Corp. stock is currently gaining. ROT: NYSE is up 2.56% on premarket.
