Sarcos Robotics is planning to go public through a merger with blank-check company Rotor Acquisition Corp., the company announced in a statement.
- The combined company will have an enterprise value of $1.3 billion, plus a potential earnout of an additional $281 million based on its future share trading price.
- Sarcos is expected to raise up to $496 million to be used to finance business plans, facilitate potential bolt-on acquisitions, and enhance capabilities.
- The companies generated $220 million in a private investment in public equity from BlackRock, Millennium Management LLC, Palantir Technologies Inc., Caterpillar Venture Capital Inc., Schlumberger, Michael F. Price, JAWS Estates Capital LLC, Sarcos Chairman and CEO Ben Wolff, and founders of Rotor Acquisition Corp.
- The combined company will be named Sarcos Technologies and Robotics Corporation. It is expected to trade on Nasdaq under the ticker symbol “STRC.” The transaction is anticipated to close in the third quarter of the year.