SALT LAKE City & PITTSBURGH, Pa.–(Business enterprise WIRE)–Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW) today announced the thriving closing of the earlier announced acquisition of Pittsburgh-centered robotics firm RE2, Inc., a developer of autonomous and teleoperated cellular robotic systems for use in the aviation, design, protection, energy, and health care industries. The closing of this transaction provides alongside one another two primary commercial robotics groups focused on acquiring industrial robotic systems that strengthen worker basic safety and efficiency.
Total thought for the transaction was $100 million, consisting of $30 million in cash and 14 million shares of Sarcos frequent stock that were either newly issued or underlie assumed options. The stock element represents dilution to Sarcos stockholders of close to 5.7% based mostly on a thoroughly-diluted share rely of roughly 231 million shares (which assumes the physical exercise of all remarkable warrants and incorporates all shares available for issuance underneath our equity programs).
“We are delighted to formally welcome the whole RE2 staff to the Sarcos family,” mentioned Kiva Allgood, President and CEO, Sarcos. “I have experienced the prospect to get the job done intently with the RE2 workforce, and our capabilities and targets are effectively matched. Our merged product lineup and abilities will make it possible for us to tackle buyer demands in a much wider selection of industries and use-conditions. I am quite optimistic about our future as a merged organization.”
Sarcos expects to advantage from long term income linked with RE2’s current contracts, which include contracts with the U.S. federal government to build innovative robotic techniques for underwater and industrial alternatives, as effectively as a developmental partnership with JLG Industries, Inc., an Oshkosh Company business (NYSE: OSK) and major company of mobile elevating perform platforms and access devices.
“The efficiency critical, alongside with the COVID-19 pandemic, has accelerated the require for, and adoption of, robotic technologies further than the manufacturing unit ground,” mentioned Frank Nerenhausen, Oshkosh Company Government Vice President and President, JLG Industries. “In simple fact, a huge focal location in development and industrial purposes currently is remote operation of products that keeps employees out of harm’s way. The mixture of Sarcos and RE2 provides jointly two major robotics businesses operating to accelerate the implementation of robotics and go the obtain business forward. We appear forward to creating on the fantastic progress we have previously designed in partnership with RE2.”
Subsequent the closure of the transaction, the Sarcos product line now consists of the Guardian® XO® entire-body, battery-driven industrial exoskeleton, Guardian® XT™ teleoperated dexterous mobile robotic avatar process, and the SapienTM line of arms – which includes styles with abilities ranging from precision arms for surgical apps to rugged out of doors arms for development jobs and the Sapien Sea Course procedure that can operate in shallow and deep water.
Summary of Transaction Gains:
- Predicted to include more target markets in aviation, development, health care, and subsea to Sarcos’ complete addressable sector
- Sapien products are expected to convey before profits and professional product availability for the combined corporation
- Supplies a drastically broader item set with a huge range of use instances and price points for prospects
- Practically doubles Sarcos’ engineering workforce
- Provides a 2nd Sarcos site in Pittsburgh, PA, to guide in attracting talented new hires
- RE2’s Detect™ out of doors computer system eyesight answer and Intellect™ autonomy software package knowledge will be added to Sarcos’ Cybernetic Coaching for Autonomous Robots (CYTAR™) artificial intelligence (AI) and equipment understanding system
For a lot more facts on Sarcos and its award-successful merchandise portfolio, be sure to go to www.sarcos.com.
About the Transaction
Wilson Sonsini Goodrich & Rosati, Expert Company acted as authorized counsel and PJT Associates acted as economic advisor to Sarcos. Blank Rome LLP and Cherin Law Workplaces, P.C. acted as authorized counsel and Stifel, Nicolaus & Company acted as fiscal advisor to RE2, Inc.
About Sarcos Technological know-how and Robotics Corporation
Sarcos Technology and Robotics Company (NASDAQ: STRC and STRCW) is a chief in industrial robotic systems that augment human functionality by combining human intelligence, intuition, and judgment with the energy, endurance, and precision of machines to boost personnel basic safety and efficiency, enable distant operations and cut down operational prices. Sarcos’ cellular robotic techniques, which include the Guardian® S, Guardian® GT, Guardian® XO®, and Guardian® XT™, alongside with the SapienTM spouse and children of robotic arms from RE2, RE2 Detect™ personal computer vision software program, and RE2 Intellect™ autonomy program, are developed to revolutionize the future of get the job done where ever bodily demanding operate is completed. Sarcos is headquartered in Salt Lake Metropolis, Utah, and now has a second spot in Pittsburgh, PA. For extra data, you should take a look at www.sarcos.com.
Forward-Hunting Statements RE2 Financial Data
This push launch has forward-seeking statements in the this means of the Private Securities Litigation Reform Act of 1995, which includes statements about Sarcos’ capacity to successfully combine RE2 into its functions the solutions and marketplaces of each and every organization the predicted gains of the acquisition of RE2 and Sarcos’ ability to realize individuals positive aspects Sarcos’ general performance following the acquisition of RE2 Sarcos’ options to broaden its products availability Sarcos’ skill to offer its items or get hold of robot-as-a-provider subscriptions opposition from current or upcoming firms and technologies and the envisioned size of and probable for the acquisition to extend Sarcos’ addressable current market. Forward-searching statements are inherently topic to hazards, uncertainties, and assumptions. Commonly, statements that are not historic points, such as statements about attainable or assumed potential steps, business strategies, activities, or success of operations, are forward-looking statements. These statements may perhaps be preceded by, adopted by, or contain the terms “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or equivalent expressions. Such ahead-searching statements involve pitfalls and uncertainties that may perhaps cause true activities, effects, or effectiveness to vary materially from those people indicated by this sort of statements. These ahead-on the lookout statements are centered on Sarcos’ and RE2’s management’s existing expectations and beliefs, as properly as a variety of assumptions relating to future activities. Nonetheless, there can be no assurance that the situations, success or developments identified in these ahead-on the lookout statements will manifest or be accomplished. Ahead-hunting statements converse only as of the date they are made, and Sarcos is not beneath any obligation and expressly disclaims any obligation, to update, alter or usually revise any ahead-searching statement, no matter whether as a outcome of new facts, future activities or usually, apart from as demanded by legislation.
Readers need to meticulously assessment the statements set forth in the studies which Sarcos has filed or will file from time to time with the Securities and Trade Fee (the “SEC”). In addition to aspects beforehand disclosed in Sarcos’ studies filed with the SEC and all those identified in this press launch, the following aspects, among the others, could induce actual success to vary materially from forward-seeking statements or historical functionality: the possibility of litigation or regulatory actions the skill of Sarcos to effectively combine RE2’s functions, products and systems the hazard that the expected positive aspects of the transaction may possibly not be recognized or might choose more time than predicted to be realized, which include as a outcome of the influence of, or issues arising from, the integration of the two companies or as a result of the economic system and competitive factors in the regions exactly where Sarcos and RE2 do small business the effect of the COVID-19 pandemic on Sarcos’ and RE2’s small business Sarcos’ and RE2’s means to retain key staff the dilution brought about by Sarcos’ issuance of supplemental shares of its prevalent inventory in link with the transaction Sarcos’ capacity to execute on its business method, tackle staffing shortages and source chain disruptions, launch its products within predicted timelines, acquire new merchandise and companies and greatly enhance existing merchandise and services capability to respond quickly to emerging know-how trends capacity to contend efficiently, recruit and keep experienced personnel and regulate development and expenses typical competitive, financial, political and market place problems and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Observe With regards to Forward-Hunting Statements” in files submitted by Sarcos from time to time with the SEC. The files filed by Sarcos with the SEC may well be acquired absolutely free of charge at the SEC’s web page at www.sec.gov.