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Sarcos RoboticsPlans SPAC Trades at $ 1.3 Billion Value

(Bloomberg)-Sarcos Robotics plans to make it public through a reverse merger with the blank check company Rotor Acquisition Corp. The Salt Lake City-based robot maker and special purpose acquisition company (SPAC) will have a combined valuation of $ 1.3. The company said in a statement Tuesday that it would amount to $ 1 billion, including debt, confirming previous Bloomberg News reports. The transaction includes an additional $ 281 million in potential earnings based on the performance of the shares after the merger. To help finance the transaction, the two companies have raised approximately $ 220 million in private investment in public equity (PIPE) from investors such as BlackRock. From Inc., Millennium Management, Palantir Technologies Inc., Caterpillar Venture Capital Inc., Schlumberger, and their respective executives. Sarcos develops robotic systems for non-repetitive tasks designed to increase the productivity of industrial and military workers. The wearable device can help people move heavy objects with mechanical limbs and supports, reduce workplace injuries, lift airport luggage, manufacture components, and more without assistance. Enables employees. The company said in a statement that it received $ 469 million in revenue from SPAC transactions. Wolff was Sprint Corp in 2013. Clearwire Corp acquired by. Was a co-founder of. The company leases exoskeleton wearable devices starting at $ 100,000 annually. This is the same as the total cost of hiring a worker for $ 25 per hour. In an interview, Wolff said the US value proposition is to achieve productivity for three, four, or five workers, depending on use case, industry, job, and so on. Initial versions of the device cost hundreds of thousands. According to Wolff, he predicts that if Sarcos reaches full-scale production in five years, the cost will shrink to $ 65,000. Currently, the only products on the market are inspection and surveillance robots, and Wolff says that the larger and more expensive the product, the more it makes up a small portion of its revenue. Rotor raised $ 276 million in its initial public offering in January. The CEO is Brian Finn, former president of Credit Suisse First Boston, and the chairman is Stephen Serig, a former Bank of America Corporation executive and US Department of Commerce official during the Obama administration. According to Selig, one million shares, worth $ 280 million, are made up of earnings. This motivates and coordinates everyone to do what they expect and expect here. This is to create significant long-term value. (Updated in interviews with Sarcos and Rotor executives) Visit for articles like this. Subscribe now to get the most trusted business news sources. 2021 Bloomberg LP

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

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