While we have zero interest in companies newly arrived on the public markets whether by way of SPAC or other blind pool/reverse merger; traditional IPO or direct offering. In the case of the latter two you at least get the benefit of the competitive intelligence in the offering documents, something you don't see in their disclosure-light blank-check brethren.
On the other hand Amazon seems quite pleased with their purchase of Kiva and it will be interesting to see how (or if) they, Ocado, and the rest of the automation companies respond.
From The Robot Report, December 13:
Symbotic going public via Softbank SPAC
Symbotic is going public via a merger with SVF Investment Corp. 3, a special purpose acquisition company (SPAC) sponsored by an affiliate of SoftBank Investment Advisers. Upon closing of the deal, which is expected to happen in the first half of 2022, Symbotic will trade on the Nasdaq under the ticker symbol “SYM.”
The transaction is expected to deliver up to $725 million of primary gross proceeds for Symbotic. This consists of $320 million of cash in trust from SVFC, a $205 million common equity PIPE, and a $200 million forward purchase of common equity by an affiliate of SoftBank Vision Fund 2. Symbotic said it also expects to receive an additional $174 million in cash from Walmart by the end of December 2021 to be used for general corporate purposes as a result of Walmart gross exercising warrants it holds in the Company. Walmart will own 9% of Symbotic.
The deal values Wilmington, Mass.-based Symbotic at a pro forma enterprise value of $4.8 billion, representing 4.8x Symbotic’s forecast 2023 calendar year end estimated revenues. Symbotic said it expects to generate $433 million in revenue in 2022, which would be more than a 73% increase year over year....
....MUCH MORE
