SALT LAKE City & PITTSBURGH, Pa., April 25, 2022–(Company WIRE)–Sarcos Technology and Robotics Company (“Sarcos”) (NASDAQ: STRC and STRCW) right now announced the effective closing of the formerly declared acquisition of Pittsburgh-primarily based robotics company RE2, Inc., a developer of autonomous and teleoperated cellular robotic methods for use in the aviation, design, defense, electrical power, and healthcare industries. The closing of this transaction provides together two top industrial robotics teams concentrated on establishing industrial robotic technologies that increase employee protection and productivity.
Total consideration for the transaction was $100 million, consisting of $30 million in funds and 14 million shares of Sarcos widespread stock that were either freshly issued or underlie assumed possibilities. The inventory part represents dilution to Sarcos stockholders of approximately 5.7% based on a entirely-diluted share depend of roughly 231 million shares (which assumes the training of all remarkable warrants and features all shares available for issuance under our fairness designs).
“We are delighted to formally welcome the whole RE2 group to the Sarcos relatives,” claimed Kiva Allgood, President and CEO, Sarcos. “I have experienced the prospect to perform carefully with the RE2 staff, and our abilities and targets are very well matched. Our blended products lineup and abilities will permit us to handle buyer needs in a much broader range of industries and use-cases. I am pretty optimistic about our long term as a blended firm.”
Sarcos expects to benefit from long run earnings involved with RE2’s existing contracts, including contracts with the U.S. govt to acquire modern robotic devices for underwater and industrial methods, as nicely as a developmental partnership with JLG Industries, Inc., an Oshkosh Corporation organization (NYSE: OSK) and main provider of mobile elevating work platforms and accessibility gear.
“The productivity critical, along with the COVID-19 pandemic, has accelerated the require for, and adoption of, robotic technologies further than the manufacturing facility floor,” mentioned Frank Nerenhausen, Oshkosh Company Government Vice President and President, JLG Industries. “In reality, a substantial focal spot in building and industrial programs nowadays is remote operation of tools that keeps personnel out of harm’s way. The mixture of Sarcos and RE2 provides jointly two major robotics firms doing work to accelerate the implementation of robotics and shift the accessibility industry ahead. We seem ahead to setting up on the excellent progress we have previously built in partnership with RE2.”
Adhering to the closure of the transaction, the Sarcos solution line now incorporates the Guardian® XO® comprehensive-body, battery-run industrial exoskeleton, Guardian® XT™ teleoperated dexterous cellular robotic avatar process, and the SapienTM line of arms – which includes versions with abilities ranging from precision arms for surgical apps to rugged out of doors arms for design duties and the Sapien Sea Course process that can operate in shallow and deep water.
Summary of Transaction Advantages:
Expected to include additional concentrate on markets in aviation, construction, medical, and subsea to Sarcos’ overall addressable current market
Sapien products and solutions are predicted to provide earlier earnings and industrial solution availability for the merged firm
Supplies a drastically broader merchandise established with a large assortment of use scenarios and value points for customers
Approximately doubles Sarcos’ engineering crew
Provides a 2nd Sarcos locale in Pittsburgh, PA, to assist in attracting proficient new hires
RE2’s Detect™ outside laptop or computer eyesight resolution and Intellect™ autonomy application skills will be additional to Sarcos’ Cybernetic Coaching for Autonomous Robots (CYTAR™) synthetic intelligence (AI) and equipment finding out system
For a lot more information and facts on Sarcos and its award-successful item portfolio, remember to stop by www.sarcos.com.
About the Transaction
Wilson Sonsini Goodrich & Rosati, Qualified Company acted as legal counsel and PJT Companions acted as fiscal advisor to Sarcos. Blank Rome LLP and Cherin Law Workplaces, P.C. acted as legal counsel and Stifel, Nicolaus & Organization acted as monetary advisor to RE2, Inc.
About Sarcos Engineering and Robotics Company
Sarcos Technology and Robotics Corporation (NASDAQ: STRC and STRCW) is a leader in industrial robotic systems that augment human effectiveness by combining human intelligence, intuition, and judgment with the energy, stamina, and precision of devices to boost worker safety and productivity, enable distant functions and lower operational expenses. Sarcos’ cell robotic devices, like the Guardian® S, Guardian® GT, Guardian® XO®, and Guardian® XT™, alongside with the SapienTM relatives of robotic arms from RE2, RE2 Detect™ pc eyesight software package, and RE2 Intellect™ autonomy application, are intended to revolutionize the long term of function anywhere bodily demanding perform is carried out. Sarcos is headquartered in Salt Lake City, Utah, and now has a 2nd locale in Pittsburgh, PA. For more information, you should check out www.sarcos.com.
Forward-Searching Statements RE2 Monetary Data
This push release is made up of ahead-searching statements within just the which means of the Personal Securities Litigation Reform Act of 1995, including statements about Sarcos’ skill to correctly integrate RE2 into its operations the merchandise and marketplaces of just about every business the predicted gains of the acquisition of RE2 and Sarcos’ capability to know these advantages Sarcos’ functionality following the acquisition of RE2 Sarcos’ options to extend its product or service availability Sarcos’ skill to provide its goods or acquire robot-as-a-service subscriptions level of competition from current or future corporations and technologies and the expected measurement of and opportunity for the acquisition to extend Sarcos’ addressable market. Forward-hunting statements are inherently subject matter to challenges, uncertainties, and assumptions. Typically, statements that are not historical information, such as statements concerning possible or assumed long term actions, enterprise methods, functions, or effects of operations, are ahead-looking statements. These statements might be preceded by, adopted by, or consist of the terms “thinks,” “estimates,” “expects,” “tasks,” “forecasts,” “could,” “will,” “ought to,” “seeks,” “options,” “scheduled,” “anticipates,” “intends” or “keep on” or related expressions. These kinds of ahead-on the lookout statements entail dangers and uncertainties that may possibly bring about real functions, outcomes, or general performance to differ materially from those people indicated by such statements. These forward-searching statements are primarily based on Sarcos’ and RE2’s management’s current anticipations and beliefs, as very well as a range of assumptions regarding long run situations. On the other hand, there can be no assurance that the functions, effects or developments identified in these forward-searching statements will arise or be accomplished. Forward-searching statements communicate only as of the date they are made, and Sarcos is not underneath any obligation and expressly disclaims any obligation, to update, change or otherwise revise any forward-seeking assertion, irrespective of whether as a outcome of new information and facts, future activities or or else, other than as needed by legislation.
Viewers need to very carefully critique the statements established forth in the reviews which Sarcos has submitted or will file from time to time with the Securities and Exchange Fee (the “SEC”). In addition to factors previously disclosed in Sarcos’ studies submitted with the SEC and those identified in this press release, the pursuing elements, amongst others, could trigger precise results to differ materially from ahead-hunting statements or historical effectiveness: the possibility of litigation or regulatory actions the capacity of Sarcos to successfully integrate RE2’s operations, merchandise and technologies the possibility that the expected added benefits of the transaction may perhaps not be realized or may well take for a longer period than anticipated to be realized, like as a outcome of the impact of, or complications arising from, the integration of the two corporations or as a end result of the economic climate and aggressive variables in the regions exactly where Sarcos and RE2 do small business the affect of the COVID-19 pandemic on Sarcos’ and RE2’s company Sarcos’ and RE2’s capacity to keep essential personnel the dilution brought about by Sarcos’ issuance of additional shares of its prevalent stock in link with the transaction Sarcos’ capability to execute on its business enterprise system, address staffing shortages and offer chain disruptions, launch its merchandise in just predicted timelines, acquire new solutions and solutions and boost current products and expert services ability to respond speedily to rising technological know-how traits potential to compete effectively, recruit and retain skilled staff and handle expansion and expenditures typical aggressive, economic, political and marketplace disorders and other risks and uncertainties established forth in the section entitled “Chance Factors” and “Cautionary Be aware Regarding Forward-Hunting Statements” in documents submitted by Sarcos from time to time with the SEC. The paperwork submitted by Sarcos with the SEC could be received free of demand at the SEC’s web page at www.sec.gov.
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