Agility Robotics to go public in $2.5 billion deal with Michael Klein-backed SPAC
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June 24 : Agility Robotics will go public through a merger with blank-check firm Churchill Capital Corp XI in a $2.5 billion deal, the companies said on Wednesday.
Here are some details on the deal:
• The deal is expected to provide more than $620 million in proceeds to Oregon-based Agility, including roughly $200 million of financing from existing and new institutional investors.
• Agility will use the proceeds to fulfill existing orders, expand commercial deployments and scale production.
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• Shares of Churchill Capital Corp XI, backed by veteran Wall Street dealmaker Michael Klein, jumped 18 per cent in premarket trading.
• Agility’s flagship humanoid robot, Digit, is deployed in manufacturing, distribution and logistics to automate physical tasks. The firm estimates its market opportunity to be roughly $1 trillion.
• “Humanoids are at a meaningful inflection point in commercial adoption, and we are focused on meeting growing customer demand, expanding deployments, and advancing our roadmap,” Agility CEO Peggy Johnson said.
• The firm has already secured more than $300 million of orders for a new version of Digit it is developing, which would have finer dexterity to move smaller objects and incorporate higher safety standards.
• The company will list on a North American exchange under the ticker symbol AGLT.
Source: Reuters
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