Sarcos Robotics to Merge with Rotor Acquisition Corp. (SPAC)
April 6, 2021
Sarcos Robotics, which develops robots and exoskeleton systems that augment humans for productivity and safety, has announced it will become publicly listed through a merger transaction with Rotor Acquisition Corp., a publicly traded special purpose acquisition company (SPAC). The transaction is expected to provide the company with up to $496 million of proceeds before expenses to fund business plans, facilitate potential bolt-on acquisitions, and enhance capabilities.
Expected to close in Q3 2021, the transaction represents an enterprise value of $1.3 billion for the combined company, plus an additional $281 million based on the combined company’s future share trading price. The combined company will trade on Nasdaq under the ticker symbol STRC.
Sarcos develops mobile, highly dexterous robotic systems designed for dynamic or unstructured environments. Focusing on augmenting humans for non-repetitive tasks where human decision-making is essential, the company’s robotic solutions are designed to enhance individual productivity, making physically demanding jobs safer and more accessible to more people. The company expects to commercially release its Guardian XO full-body wearable industrial exoskeleton robot in mid-2022, followed later in the year by its Guardian XT force feedback industrial teleoperated robot. The XO and XT robots are expected to join the company’s multipurpose inspection robot in its commercial lineup. Sarcos deploys its fleet primarily through a robotics-as-a-service (RaaS) solution, which it said will accelerate the adoption of its products by offering a scalable source of labor augmentation to support customers.
Vertical markets that could benefit from the systems include the aerospace, automotive, logistics, defense, maritime, oil and gas, power and utilities, construction, and manufacturing sectors, Sarcos said. The company said it also plans to expand its product availability globally and recently announced a memorandum of understanding to introduce its products to the Middle East and Africa.
“Sarcos is building advanced mobile industrial robotic solutions that will advance the future of the workforce,” said Ben Wolff, chairman and CEO of Sarcos. “We have a strong foundation and a clear road map to launch our next-generation highly dexterous mobile industrial robotic systems that are intended to increase productivity, save lives, and reduce injuries. Our transaction with Rotor accelerates our access to resources that will facilitate our broad product launch and enable us to execute potential bolt-on acquisitions to fortify our platform and enhance our capabilities. Rotor brings significant experience in the industrial and consumer sectors and a shared vision for the future of robotics and the workforce.”
Rotor Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with potential target companies with certain industry and business characteristics within the areas of disruptive consumer and industrial technologies. “We launched Rotor Acquisition Corp. with the goal of identifying and partnering with companies that are leveraging technology and innovation to disrupt ‘old-economy’ businesses in large and growing markets,” said Stefan M. Selig, chairman of Rotor. “Sarcos fits these criteria perfectly, and we are excited to partner with them and create value by building out the Sarcos platform and bringing the company’s robotics technology to the global workforce.”
More details on Rotor Acquisition Corp. can be found at its website. Details on Sarcos can be found here.
