Agility Robotics expects $465m from SPAC merger before listing
Agility Robotics expects about $465 million from its merger with Churchill Capital, targeting a 4 November close and trading under the ticker AGLT.
Agility Robotics expects to raise about $465 million in total proceeds from its merger with Churchill Capital, according to a report published by The Robot Report.
About $164 million comes from the trust fund, while the private investment led by Foxconn amounts to $201 million at $10 per share, according to the report.
The company has already received $100 million in equity, after the deal was announced last June at an initial valuation of $2.5 billion.
The company aims to complete the deal on 4 November and trade under the ticker AGLT, according to the report.
What do these terms mean?
Blank-cheque company (SPAC): A listed company with no commercial activity, used to raise money from the public with the aim of acquiring another company.
Merger: The combination of two companies into one entity, which can be done through a share exchange or a cash payment.
Private investment in public equity: An injection of money into a company before or alongside its listing by specific investors.
Pre-money valuation: A company's value before adding the new money it raises in the round.
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