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Symbotic To Become A Public Company In Partnership With SoftBank; Combination With SVF Investment Corp. 3 Values Symbotic At An Approximate Pro Forma Equity Value Of $5.5B

Author: Benzinga Newsdesk | December 13, 2021 07:17am

Combination with SVF Investment Corp. 3 Values Symbotic at an Approximate Pro Forma Equity Value of $5.5 Billion

Breakthrough Patent-Protected Technology Developed in Multi-Year Partnerships with World's Leading Retailers Boasts an Industry-leading $5 Billion Contracted Backlog

Transaction Expected to Raise $725 Million in Gross Proceeds, including $200 Million in Committed Capital from SoftBank Vision Fund 2 and $205 Million in a Common Equity PIPE from a Select Group of Leading Strategic and Institutional Investors including Walmart

Approximately $900 Million of Committed Capital to Support Symbotic Modernizing the Global Supply Chain, a $1 Trillion Market Opportunity

Symbotic LLC ("Symbotic" or the "Company"), a revolutionary A.I.-enabled technology platform for the supply chain, and SVF Investment Corp. 3 (NASDAQ:SVFC) ("SVFC"), a special purpose acquisition company sponsored by an affiliate of SoftBank Investment Advisers ("SBIA"), today 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 that is adaptable to a wide range of use cases. The Company rebuilt the traditional warehouse, powered by a fleet of autonomous robots with A.I.-enabled software, to create a first of its kind physical structure that can power a customer's entire supply chain technology platform.

"When we founded Symbotic, we set out to develop technology to make the supply chain work better for everyone. We have successfully invented and developed a truly disruptive solution that reimagines the traditional warehouse from the ground up. Not only that, but we have also proven its power in partnership with some of the world's biggest retailers," said Symbotic Chairman and Chief Executive Officer, Rick Cohen. "Now is the time to take Symbotic to the next level. SoftBank has tremendous experience investing in leading-edge artificial intelligence and robotics innovators, and our partnership with them will provide us with new insights, relationships and capital that will help us realize our full potential. Together, I'm confident Symbotic will be a powerful, long-term force in modernizing the supply chain to the benefit of all."

The disruptive platform already serves some of the world's largest retailers, grocers and wholesalers, including Walmart, Albertsons and C&S Wholesale Grocers. With the industry's largest contracted order backlog of over $5 billion, the Company already operates systems that service over 1,400 stores in 16 states and 8 Canadian provinces. The Company expects to achieve $433 million in revenue in FY 2022, representing an increase of more than 73% year-over-year. Symbotic is expected to be a hyper-growth company as it disrupts the more than $1 trillion that the retail and wholesale industries spend annually on supply chain functions, realizing a revenue growth rate in excess of 80% between 2020 and 20251, with the Company's current backlog in excess of its total projected revenue through 2025.

"We are highly impressed by how Rick and the team have built Symbotic into the remarkable, growing business and industry leader it is today," said Yanni Pipilis, Chairman and CEO of SVF Investment Corp. 3 and Managing Partner for SBIA. "We believe Symbotic has built an exceptional platform on which to scale, building on the company's strong revenue, balance sheet and profitability to thrive as Rick and the team continue to reimagine global supply chains."

"Symbotic is harnessing the power of A.I. to deliver the products that customers want and need, and to bring more products to more consumers in less-time and at a lower cost," said Vikas J. Parekh, Managing Partner for SBIA. "That this is achieved while also lowering the environmental impact is a great thing and a testament to the capabilities of Symbotic's technology. We're proud they chose to go public through a merger with SVFC, and we look forward to supporting the company's growth into promising new verticals and markets."

Posted In: SVFC