|Over a week ago|
Symbotic debuts on Nasdaq under ticker 'SYM' » 07:1706/0806/08/22
Symbotic (SYM) announced…
Symbotic (SYM) announced that shares of its Class A common stock will trade on The Nasdaq Stock Market under the ticker symbol "SYM." Symbotic's trading debut comes after the completion of its business combination with SVF Investment Corp. 3 (SVFC), a special purpose acquisition company sponsored by an affiliate of SoftBank Investment Advisers. The combined company now operates as Symbotic. "Symbotic transforms the supply chain with automation and intelligence so that our customers' warehouse distribution networks become a competitive advantage," said Michael :oparco, CEO of Symbotic. "As a public company, we have greater capital to scale our platform more rapidly. The ongoing support of SoftBank and all our investor partners will help us transform the industry and innovate faster for the benefit of our customers."
Symbotic completes combination with SPAC SVF Investment » 16:5206/0706/07/22
Symbotic announced the…
Symbotic announced the completion of its business combination with SVF Investment (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 expects to trade on The Nasdaq Stock Market under the ticker symbol "SYM" on June 8. The business combination was approved at a special meeting of SVFC shareholders held on June 3, As a result of the transaction, the combined company received additional growth capital to supplement its existing $363M of combined cash on the balance sheet as of March 26, and proceeds from a May 20, warrant exercise. This will enable Symbotic to accelerate its growth, expand into new verticals, and progress toward its financial targets. With an existing industry-leading $11-plus billion in contracted orders, Symbotic has proven to customers the power of its technology and ability to scale quickly. "Our vision at Symbotic has always been to reinvent the supply chain with artificial intelligence and robotics - transforming the distribution network into a strategic asset," said Rick Cohen, Chairman of the Board of Directors and President of Symbotic. "As a leading robotics innovator, I look forward to scaling Symbotic to meet the incredible demands and opportunities of the global supply chain. We are proud to be affiliated with the SoftBank (SFTBY) team and are eager to begin this next chapter together." "We believe Symbotic is at the forefront of a more than $350B market opportunity to reinvent warehouse automation and reshape the global supply chain," said Vikas J. Parekh, Managing Partner for SoftBank Investment Advisers and a member of Symbotic's Board of Directors. "With its revolutionary A.I.-enabled technology platform and deep relationships with some the world's largest companies, Symbotic is already making the right strategic investment decisions and we believe it is well positioned to achieve long-term success." Michael J. Loparco, Symbotic CEO, will continue to lead the combined company through its next phase of growth, innovation, and expansion, alongside Rick Cohen, Chairman of the Board of Directors and President of Symbotic.
|Over a month ago|
New Walmart deal more than doubles Symbotic backlog, says Northland » 09:2305/2505/25/22
Northland analyst Michael…
Northland analyst Michael Latimore noted that Symbotic announced a new, expanded deal with Walmart (WMT) this week that covers all 42 U.S. distribution centers, up from 25 previously. Symbotic's backlog now sits at $11.1B, up from $5.2B, noted Latimore, who adds that this backlog is about 4 times his next three year forecast. Given that the shareholder vote on the SVF/Symbotic merger is scheduled for June 3, he thinks Symbotic is not permitted to update guidance, added Latimore. He keeps an Outperform rating and $16 price target on SVF Investment Corp. 3, which has previously announced a proposed business combination with Symbiotic.
SVF Investment Corp. 3 initiated with a Buy at DA Davidson » 17:1305/1905/19/22
DA Davidson analyst Matt…
DA Davidson analyst Matt Summerville initiated coverage of SVF Investment Corp. 3 / Symbiotic with a Buy rating and $15 price target. Symbotic operates in a "massive Serviceable Available Market", with numerous vertical/horizontal opportunities for growth and geographic expansion, the analyst tells investors in a research note, adding that he expects Symbotic to generate positive adjusted EBITDA and free cash flow in FY23.
SVF Investment Corp 3 initiated with a Buy at DA Davidson » 16:5205/1905/19/22
DA Davidson analyst Matt…
DA Davidson analyst Matt Summerville initiated coverage of SVF Investment Corp. 3 with a Buy rating and $15 price target.
Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations » 10:0005/1605/16/22
NFLX, BABA, PDD, TCEHY, JD, BIDU, BILI, NTES, CI, TTD, TWLO, DIS, RNG, BAND, SFT, NLSN, MPC, INM, WOOF, RH, NVCR, SVFC, WMT, SYM, DKNG
SVF Investment Corp. 3 initiated with an Outperform at Northland » 09:2205/1605/16/22
SVFC, SYM, WMT
Northland analyst Michael…
Northland analyst Michael Latimore initiated coverage of SVF Investment Corp. 3 - which has previously announced a proposed business combination with Symbiotic - with an Outperform rating and $16 price target. Symbotic is "creating the AI-powered warehouse automation category," said Latimore, who points to a large deal with Walmart (WMT) and $5.2B in noncancellable backlog as "evidence of its lead." Following the consummation of the business combination, the post business combination company, to be named Symbotic Inc., will begin trading on Nasdaq under the ticker "SYM."
SVF Investment Corp. 3 announces effectiveness of registration statement » 06:5305/1005/10/22
SVF Investment Corp. 3…
SVF Investment Corp. 3 announced that the U.S. Securities and Exchange Commission, has declared effective its Registration Statement on Form S-4, which includes a proxy statement/prospectus in connection with its previously announced proposed business combination with Symbiotic through its parent entity Warehouse Technologies LLC. SVF also announced it has scheduled an extraordinary general meeting on June 3, 2022 at 9:00 am Eastern Time for its shareholders of record at the close of business on April 25, 2022 to approve the Business Combination and related proposals. SVF and Symbotic expect to close the Business Combination promptly after the Special Meeting, subject to SVF's shareholder approval and other customary closing conditions. Following the consummation of the Business Combination, the post business combination company, to be named Symbotic Inc., will begin trading on Nasdaq under the ticker "SYM."
|Over a quarter ago|
SVF Investment Corp's Symbotic LLC names Michael J. Loparco as CEO » 16:1203/3003/30/22
Symbotic LLC, an…
Symbotic LLC, an A.I.-enabled technology platform provider for the supply chain, names Michael Loparco as CEO. Rick Cohen will remain Chairman of the Board and President, and will focus on product development and customer engagement as Chief Product Officer. Symbotic previously announced its entry into a business combination agreement with SVF Investment Corp.
Symbotic to become public company through merger with SVF Investment Corp. » 06:3412/1312/13/21
SYM, SVFC, SFTBY, WMT
Symbotic and SVF…
Symbotic and SVF Investment Corp. 3 (SVFC), a special purpose acquisition company sponsored by an affiliate of SoftBank (SFTBY) Investment Advisers, announced a definitive merger agreement expected to make Symbotic a public company listed on Nasdaq. Upon completion of the merger, which is expected in the first half of 2022, the combined company will operate under the "Symbotic Inc." name and will trade on Nasdaq under the ticker symbol "SYM." Symbotic is a product movement technology platform. The Company rebuilt the traditional warehouse, powered by a fleet of autonomous robots with A.I.-enabled software, to create a physical structure that can power a customer's supply chain technology platform. The company operates systems that service over 1,400 stores in 16 states and 8 Canadian provinces. The transaction values Symbotic at a pro forma enterprise value of $4.8B, representing 4.8x Symbotic's forecast 2023 calendar year end estimated revenues, and a pro forma equity value of approximately $5.5B. The transaction is expected to deliver up to $725M of primary gross proceeds, consisting of $320M of cash in trust from SVFC, assuming no public shareholders of SVFC exercise their redemption rights, a $205M common equity PIPE at a $10.00 per share entry price, including a $150M PIPE participation from Walmart (WMT), and a $200M forward purchase of common equity at $10.00 per share by an affiliate of SoftBank Vision Fund 2. The minimum cash of the transaction is fully covered by the $405M of committed equity capital that Symbotic and SVFC have raised. Symbotic also expects to receive an additional $174M in cash from Walmart by the end of December. At closing, assuming no public shareholders of SVFC exercise their redemption rights, existing Symbotic equity holders are expected to own 88% of the combined business, with Symbotic Chairman and Chief Executive Officer Rick Cohen retaining 76% ownership, Walmart retaining 9% and other holders retaining 3%. New investors will own 12%, with SPAC public shareholders owning 6%, the SVFC sponsor and its affiliates owning 5% and other PIPE investors owning 1%. Symbotic's CEO and CFO will be subject to a one-year lock-up period post-closing.