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Sarcos Robotics has plans underway to go public via a reverse merger with a blank check company known as Rotor Acquisition Corp.
The Special Purpose Acquisition Company SPAC and the Salt Lake City-based robot maker will have a valuation of $1.3 billion after the combination including debt and this was made known in a statement on Tuesday.
The deal has a potential earnout of an additional $281 Million the stock performance after the merger and the two companies have raised about $220 million funds in private investments in public equity from investors including Palantir Technologies Inc., BlackRock Inc., Caterpillar Venture Capital Inc., Millennium Management, and Schlumberger to help fund the transaction.
Sarcos focus on developing robotic systems for non-repetitive tasks that are designed to increase productivity among military workers and industrial. Its wearable devices help people to move heavy objects, reducing injuries in the workplace and allowing employees less capable of strenuous labor to carry out tasks.
The robotic maker will receive $496 million in the process from the SPAC transaction led by Chief Executive Officer, Ben Wolff and this was contained in the company statement.