Transaction Delivers Significant Growth Capital
to Accelerate Expansion and Execute an Industry-Leading $11-plus
Billion in Contracted Orders
Symbotic Class A Common Stock to Begin Trading
on Nasdaq Under the Symbol “SYM”
Symbotic LLC, a leader in A.I.-enabled robotics automation
technology, today announced the completion of its business
combination with SVF Investment Corp. 3 (NASDAQ: SVFC) (“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, 2022.
The business combination was approved at a special meeting of
SVFC shareholders held on June 3, 2022. As a result of the
transaction, the combined company received additional growth
capital to supplement its existing $363 million of combined cash on
the balance sheet as of March 26, 2022 and proceeds from a May 20,
2022 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.
Over the past 15 years, Symbotic has developed the next
generation of robotics technology. The supply chain industry
experiences exponential data growth every year, resulting in
increasingly complex distribution challenges. Symbotic solves this
problem with its end-to-end robotics solution that is powered by a
sophisticated data platform with self-learning software that is
flexible to changing conditions, transforming the flow of goods of
the supply chain for customers.
“Today marks a significant milestone for Symbotic and its
employees, and we are excited to accelerate our growth with a truly
disruptive technology platform used by some of the world’s largest
companies,” said Michael J. Loparco, CEO of Symbotic. “Symbotic’s
long-term partnership with SoftBank and other established investors
will allow us to more rapidly scale our operations, introduce new
technology innovations, and expand into new markets.”
“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 team and are
eager to begin this next chapter together.”
“What makes Symbotic unique as we go public is our healthy cash
balance in addition to the $11-plus billion in committed orders we
have from customers,” said, Tom Ernst, Chief Financial Officer of
Symbotic. “We have positioned ourselves for success in the public
market by ensuring long-term operational viability while we grow
our people, technology and customer base.”
“We are thrilled to complete our business combination with
Symbotic,” said Yanni Pipilis, Chairman and CEO of SVF Investment
Corp. 3 and Managing Partner for SoftBank Investment Advisers. “We
believe Symbotic is years ahead of its peers, with an exceptional
technology platform and impressive customer relationships.
Symbotic’s ability to execute, from innovation to installation,
gives me every confidence the company will be successful in the
public markets.”
“We believe Symbotic is at the forefront of a more than $350
billion 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.
Symbotic will ring the Nasdaq opening bell at 9:30 a.m. ET on
June 8, 2022. The opening bell ceremony will be broadcast live on
Nasdaq’s website.
Advisors
Goldman Sachs & Co. LLC served as exclusive financial
advisor and Sullivan & Cromwell LLP served as legal advisor to
Symbotic. Deutsche Bank Securities served as exclusive financial
advisor, Citigroup Global Markets Inc. served as capital market
advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP
served as legal advisor to SVFC. Goldman Sachs & Co. LLC and
Deutsche Bank Securities also served as lead Placement Agents on
behalf of SVFC. Baird, Cowen, D.A. Davidson & Co., Needham
& Company, Northland Capital Markets, Raymond James &
Associates, Inc. also served as capital markets advisors to
Symbotic.
About Symbotic
Symbotic is an automation technology leader reimagining the
supply chain with its end-to-end, AI-powered robotic and software
platform. Symbotic reinvents the warehouse as a strategic asset for
the world’s largest retail, wholesale, and food & beverage
companies. Applying next-gen technology, high-density storage and
machine learning to solve today's complex distribution challenges,
Symbotic enables companies to move goods with unmatched speed,
agility, accuracy and efficiency. As the backbone of commerce
Symbotic transforms the flow of goods and the economics of the
supply chain for its customers. For more information, visit
www.symbotic.com.
About SVF Investment Corp. 3
SVF Investment Corp. 3 is a blank check company formed by an
affiliate of SoftBank Investment Advisers (“SBIA”). Through the
SoftBank Vision Funds, SoftBank LatAm Funds and the SB Opportunity
Fund, SBIA is investing -more than $175 billion in many of the
world's leading technology companies, including those they helped
take public such as 10X Genomics, Aurora, Auto1, Autostore,
Berkshire Gray, Beike, Compass, Coupang, Delhivery, DiDi, Dingdong
Maicai, DoorDash, Exscientia, Full Truck Alliance, Grab, Guardant
Health, IonQ, JD Logistics, OneConnect, Opendoor, Paytm, PingAn
Good Doctor, Policybazaar, Qualtrics, Relay Therapeutics, Roivant,
Seer, Slack, Uber, View, Vir, WeWork, Zhangmen, ZhongAn Insurance
and Zymergen. SBIA's global reach, unparalleled ecosystem, and
patient capital help founders build transformative businesses.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including, but not limited to, Symbotic’s expectations or
predictions of future financial or business performance or
conditions. Forward-looking statements are inherently subject to
risks, uncertainties and assumptions. Generally, statements that
are not historical facts, including statements concerning our
possible or assumed future actions, business strategies, events or
results of operations, are forward-looking statements. These
statements may be preceded by, followed by or include the words
“believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,”
“will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or
“intends” or similar expressions. Such forward-looking statements
involve risks and uncertainties that may cause actual events,
results or performance to differ materially from those indicated by
such statements. Certain of these risks are identified and
discussed in Symbotic Inc.’s (formerly SVFC’s) filings with the
U.S. Securities and Exchange Commission (the “SEC”), including but
not limited to the final proxy statement/prospectus included in the
Registration Statement on Form S-4 (File No. 333-262529) that SVFC
filed in connection with the business combination. These risk
factors will be important to consider in determining future results
and should be reviewed in their entirety. These forward-looking
statements are expressed in good faith, and Symbotic believes there
is a reasonable basis for them. However, there can be no assurance
that the events, results or trends identified in these
forward-looking statements will occur or be achieved.
Forward-looking statements speak only as of the date they are made,
and Symbotic is not under any obligation, and expressly disclaim
any obligation, to update, alter or otherwise revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law. Readers
should carefully review the statements set forth in the reports,
which Symbotic has filed or will file from time to time with the
SEC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220606005924/en/
For Symbotic Investor Relations Jeff Evanson ir@symbotic.com
978-284-8616 Media Dan Scorpio dps@abmac.com For SVF Investment
Corp. 3 svfinvestmentcorp@softbank.com
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