SALT LAKE City & PITTSBURGH, Pa.–(Company WIRE)–Sarcos Technological innovation and Robotics Company (“Sarcos”) (NASDAQ: STRC and STRCW) now declared the effective closing of the formerly declared acquisition of Pittsburgh-primarily based robotics organization RE2, Inc., a developer of autonomous and teleoperated cellular robotic techniques for use in the aviation, design, defense, power, and healthcare industries. The closing of this transaction provides together two major commercial robotics groups centered on creating industrial robotic systems that increase worker security and productivity.
Full thing to consider for the transaction was $100 million, consisting of $30 million in cash and 14 million shares of Sarcos typical stock that ended up possibly freshly issued or underlie assumed choices. The inventory element represents dilution to Sarcos stockholders of somewhere around 5.7% based on a absolutely-diluted share depend of approximately 231 million shares (which assumes the exercising of all outstanding warrants and contains all shares out there for issuance under our equity options).
“We are delighted to formally welcome the complete RE2 staff to the Sarcos spouse and children,” reported Kiva Allgood, President and CEO, Sarcos. “I have had the prospect to function intently with the RE2 workforce, and our capabilities and goals are very well matched. Our combined products lineup and know-how will enable us to deal with buyer requirements in a much broader assortment of industries and use-situations. I am incredibly optimistic about our foreseeable future as a combined organization.”
Sarcos expects to gain from potential revenue linked with RE2’s existing contracts, like contracts with the U.S. federal government to produce progressive robotic devices for underwater and industrial remedies, as perfectly as a developmental partnership with JLG Industries, Inc., an Oshkosh Corporation company (NYSE: OSK) and top provider of mobile elevating perform platforms and accessibility machines.
“The productiveness essential, alongside with the COVID-19 pandemic, has accelerated the need for, and adoption of, robotic systems over and above the manufacturing unit flooring,” mentioned Frank Nerenhausen, Oshkosh Corporation Executive Vice President and President, JLG Industries. “In reality, a significant focal area in construction and industrial applications these days is remote procedure of machines that retains employees out of harm’s way. The combination of Sarcos and RE2 provides jointly two primary robotics businesses doing work to speed up the implementation of robotics and go the accessibility sector forward. We appear ahead to constructing on the fantastic development we have presently designed in partnership with RE2.”
Pursuing the closure of the transaction, the Sarcos solution line now consists of the Guardian® XO® full-overall body, battery-powered industrial exoskeleton, Guardian® XT™ teleoperated dexterous cell robotic avatar technique, and the SapienTM line of arms – together with versions with abilities ranging from precision arms for surgical applications to rugged outside arms for construction responsibilities and the Sapien Sea Class procedure that can run in shallow and deep drinking water.
Summary of Transaction Rewards:
- Predicted to include additional goal markets in aviation, building, medical, and subsea to Sarcos’ complete addressable marketplace
- Sapien goods are expected to carry earlier earnings and business product or service availability for the blended corporation
- Delivers a significantly broader product or service set with a wide array of use scenarios and rate points for buyers
- Almost doubles Sarcos’ engineering crew
- Provides a 2nd Sarcos site in Pittsburgh, PA, to guide in attracting gifted new hires
- RE2’s Detect™ out of doors laptop vision answer and Intellect™ autonomy computer software expertise will be additional to Sarcos’ Cybernetic Teaching for Autonomous Robots (CYTAR™) synthetic intelligence (AI) and machine finding out software
For extra information and facts on Sarcos and its award-successful product or service portfolio, please check out www.sarcos.com.
About the Transaction
Wilson Sonsini Goodrich & Rosati, Skilled Company acted as authorized counsel and PJT Companions acted as economical advisor to Sarcos. Blank Rome LLP and Cherin Regulation Offices, P.C. acted as authorized counsel and Stifel, Nicolaus & Firm acted as money advisor to RE2, Inc.
About Sarcos Engineering and Robotics Company
Sarcos Technological innovation and Robotics Company (NASDAQ: STRC and STRCW) is a chief in industrial robotic programs that increase human effectiveness by combining human intelligence, instinct, and judgment with the toughness, stamina, and precision of equipment to greatly enhance staff security and efficiency, allow remote functions and cut down operational expenses. Sarcos’ cellular robotic methods, like the Guardian® S, Guardian® GT, Guardian® XO®, and Guardian® XT™, together with the SapienTM spouse and children of robotic arms from RE2, RE2 Detect™ computer system vision application, and RE2 Intellect™ autonomy software program, are developed to revolutionize the potential of get the job done anywhere physically demanding perform is performed. Sarcos is headquartered in Salt Lake Town, Utah, and now has a second location in Pittsburgh, PA. For additional information and facts, you should go to www.sarcos.com.
Forward-Wanting Statements RE2 Economic Data
This press release has ahead-looking statements inside of the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about Sarcos’ capacity to successfully combine RE2 into its functions the products and solutions and marketplaces of every single firm the expected advantages of the acquisition of RE2 and Sarcos’ potential to understand those people positive aspects Sarcos’ performance next the acquisition of RE2 Sarcos’ strategies to develop its product or service availability Sarcos’ potential to provide its goods or obtain robotic-as-a-support subscriptions competitiveness from current or upcoming firms and systems and the envisioned size of and opportunity for the acquisition to develop Sarcos’ addressable current market. Forward-hunting statements are inherently issue to hazards, uncertainties, and assumptions. Normally, statements that are not historic points, including statements about feasible or assumed upcoming steps, small business techniques, situations, or results of functions, are forward-looking statements. These statements might be preceded by, followed by, or contain the words and phrases “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or very similar expressions. This sort of ahead-wanting statements include dangers and uncertainties that may well result in genuine occasions, benefits, or efficiency to vary materially from those indicated by these types of statements. These forward-wanting statements are dependent on Sarcos’ and RE2’s management’s recent anticipations and beliefs, as very well as a selection of assumptions regarding long run events. Even so, there can be no assurance that the activities, benefits or traits discovered in these forward-seeking statements will arise or be achieved. Ahead-on the lookout statements communicate only as of the date they are designed, and Sarcos is not beneath any obligation and expressly disclaims any obligation, to update, change or if not revise any forward-looking statement, no matter if as a result of new facts, long term activities or otherwise, except as expected by regulation.
Visitors ought to very carefully evaluate the statements established forth in the stories which Sarcos has submitted or will file from time to time with the Securities and Exchange Commission (the “SEC”). In addition to things beforehand disclosed in Sarcos’ reviews submitted with the SEC and those determined in this push launch, the subsequent factors, among many others, could lead to real final results to vary materially from forward-wanting statements or historic general performance: the threat of litigation or regulatory steps the ability of Sarcos to effectively integrate RE2’s operations, items and technologies the hazard that the predicted gains of the transaction could not be realized or may perhaps consider longer than predicted to be understood, which include as a consequence of the impression of, or complications arising from, the integration of the two providers or as a end result of the economic system and competitive elements in the parts the place Sarcos and RE2 do business enterprise the impact of the COVID-19 pandemic on Sarcos’ and RE2’s business enterprise Sarcos’ and RE2’s ability to keep vital personnel the dilution brought on by Sarcos’ issuance of extra shares of its frequent inventory in relationship with the transaction Sarcos’ potential to execute on its business system, deal with staffing shortages and offer chain disruptions, launch its merchandise in just envisioned timelines, develop new solutions and providers and greatly enhance current items and providers capacity to answer rapidly to emerging technological innovation traits capability to compete correctly, recruit and keep experienced staff and handle growth and fees general aggressive, economic, political and market disorders and other risks and uncertainties set forth in the part entitled “Risk Factors” and “Cautionary Take note Relating to Forward-Hunting Statements” in files filed by Sarcos from time to time with the SEC. The paperwork filed by Sarcos with the SEC may possibly be obtained free of charge at the SEC’s web page at www.sec.gov.