Transaction Provides Significant Growth Capital to Accelerate Expansion and Execute Revenue of More Than $11 Billion in Contract Orders
The symbolic Class A common stock will begin trading on the Nasdaq under the symbol “SYM”
WILMINGTON, Mass. & SAN CARLOS, Calif., June 07, 2022–(BUSINESS WIRE)–Symbotic LLC, a leader in AI-powered robotic automation technology, today announced the completion of its business combination with SVF Investment Corp. 3 (NASDAQ: SVFC) (“SVFC”), a special purpose acquisition company sponsored by an affiliate of SoftBank Investment Advisers, to become a publicly traded company. The combined company will operate as “Symbotic Inc.” and its Class A common stock is expected to trade on the Nasdaq stock market under the symbol “SYM” on June 8, 2022.
The business combination was approved at a special meeting of SVFC shareholders held on June 3, 2022. As a result of the transaction, the combined company received additional growth capital to supplement its $363 million in cash combinations existing on the balance sheet as of March 26. , 2022 and proceeds from a warrant exercise on May 20, 2022. This will allow Symbotic to accelerate its growth, expand into new verticals and progress towards its financial goals. With more than $11 billion in contract orders, industry leader Symbotic has proven to its customers the power of its technology and its ability to scale quickly.
Over the past 15 years, Symbotic has developed the next generation of robotics technology. The supply chain industry is experiencing exponential data growth every year, resulting in increasingly complex distribution challenges. Symbotic solves this problem with its end-to-end robotics solution that is powered by a sophisticated data platform with self-learning software that is flexible to changing conditions, transforming the flow of supply chain goods for customers. .
“Today marks an important milestone for Symbotic and its people, and we’re excited to accelerate our growth with a truly disruptive technology platform used by some of the world’s largest companies,” said Michael J. Loparco, CEO from Symbotic. “Symbotic’s long-term partnership with SoftBank and other established investors will allow us to more quickly scale our operations, introduce new technological innovations and expand into new markets.”
“Our vision at Symbotic has always been to reimagine the supply chain with artificial intelligence and robotics – transforming the distribution network into a strategic asset,” said Rick Cohen, Chairman and President of Symbotic. “As a leading robotics innovator, I look forward to evolving Symbotic to meet the incredible demands and opportunities of the global supply chain. We are proud to be affiliated with the SoftBank team and look forward to start this next chapter together.”
“What makes Symbotic unique as we go public is our healthy cash balance in addition to the more than $11 billion in committed orders we have from our customers,” said Tom Ernst, Chief Financial Officer from Symbotic. “We have positioned ourselves for success in the public market by ensuring long-term operational viability while growing our people, technology and customer base.”
“We are delighted to complete our combination with Symbotic,” said Yanni Pipilis, Chairman and CEO of SVF Investment Corp. 3 and managing partner of SoftBank Investment Advisers. “We believe Symbotic is years ahead of its peers, with an outstanding technology platform and impressive customer relationships. Symbotic’s ability to execute, from innovation to installation, gives me confidence that the company will succeed in the public markets.”
“We believe Symbotic is at the forefront of a $350+ billion market opportunity to reinvent warehouse automation and reshape the global supply chain,” said Vikas J. Parekh, Partner director of SoftBank Investment Advisers and member of the board of directors of Symbotic. “With its breakthrough AI-based technology platform and close relationships with some of the world’s largest companies, Symbotic is already making the right strategic investment decisions and we believe it is well positioned for long-term success.”
Michael J. Loparco, CEO of Symbotic, will continue to lead the combined company through its next phase of growth, innovation and expansion, alongside Rick Cohen, Chairman of the Board and President of Symbotic.
Symbotic will ring the Nasdaq opening bell at 9:30 a.m. ET on June 8, 2022. The opening bell ceremony will be broadcast live on the Nasdaq website.
Goldman Sachs & Co. LLC served as exclusive financial advisor and Sullivan & Cromwell LLP served as legal advisor to Symbotic. Deutsche Bank Securities served as exclusive financial advisor, Citigroup Global Markets Inc. served as capital market advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to SVFC. Goldman Sachs & Co. LLC and Deutsche Bank Securities also acted as lead placement agents for SVFC. Baird, Cowen, DA Davidson & Co., Needham & Company, Northland Capital Markets, Raymond James & Associates, Inc. have also served as capital markets advisors to Symbotic.
Symbotic is an automation technology leader reimagining the supply chain with its end-to-end AI-powered robotics and software platform. Symbotic is reimagining the warehouse as a strategic asset for the world’s leading retail, wholesale, and food and beverage companies. By applying next-generation technology, high-density storage, and machine learning to solve today’s complex distribution challenges, Symbotic enables businesses to move goods with speed, agility, precision, and efficiency. unmatched. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.
About SVF Investment Corp. 3
SVF Investment Corp. 3 is a blank check company formed by a subsidiary of SoftBank Investment Advisers (“SBIA”). Through the SoftBank Vision Funds, SoftBank LatAm Funds and SB Opportunity Fund, SBIA invests more than $175 billion in many of the world’s leading technology companies, including those it has helped take to the public such as 10X Genomics, Aurora, Auto1, Autostore, Berkshire Gray, Beike, Compass, Coupang, Delhivery, DiDi, Dingdong Maicai, DoorDash, Exscientia, Full Truck Alliance, Grab, Guardant Health, IonQ, JD Logistics, OneConnect, Opendoor, Paytm, PingAn Good Doctor, Policybazaar, Qualtrics, Relay Therapeutics, Roivant, Seer, Slack, Uber, View, Vir, WeWork, Zhangmen, ZhongAn Insurance and Zymergen. SBIA’s global reach, unparalleled ecosystem, and patient capital help founders build transformative businesses.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Symbotic’s expectations or forecasts regarding future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements regarding our possible or suspected future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded, followed by, or include the words “believe”, “believe”, “expect”, “plan”, “plan”, “may”, “will”, “should”, “seek”, “plans”, “expected”, “anticipates” or “intends” or similar expressions. These forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated. by such statements. Some of these risks are identified and discussed in Symbotic Inc.’s (formerly SVFC) filings with the United States Securities and Exchange Commission (the “SEC”), including, but not limited, the final proxy statement/prospectus included in the registration statement on Form S-4 (File No. 333-262529) that SVFC filed in connection with the business combination.These risk factors will be material to be taken into account to determine the results future states and should be considered in their entirety. These forward-looking statements are made in good faith and Symbotic believes they have a reasonable basis. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date on which they are made, and Symbotic has no obligation, and expressly disclaims any obligation, to update, modify or otherwise revise any forward-looking statement, whether new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports, which Symbotic has filed or will file from time to time with the SEC.
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