The IPOX® Watch: Symbotic, Inc
COMPANY DESCRIPTION
Founded in 2007 as CasePick Systems, Symbotic Inc is a robotics and warehouse automation company headquartered in Wilmington, MA. Symbotic designs, develops, and deploys end-to-end AI-powered software and a fleet of autonomous robots for the supply chain to automate customers' depalletizing, storage, selection, and palletization warehousing process.
BUSINESS MODEL
Symbotic generates revenues from the design and installation of its customer-specific systems, as well as operation services and software maintenance and supports.
REVERSE MERGER DE-SPAC HISTORY
On 06/08/2022, Symbotic Inc completed business combination with SoftBank-sponsored special purpose acquisition company (SPAC) SVF Investment Corp. 3 (SVFC) and began trading on the NASDAQ Global Market. The merger was first announced on 12/13/2021 and values the warehouse automation company at a pro-forma equity value of $5.5 billion. Symbotic surged on the first day after SPAC deal to close at $20.07 (+120.55%) though quickly halved on second day.
Symbotic Inc was included in the IPOX® 100 U.S. Index (ETF: FPX US, FPX LN) on 03/20/2023 and has gained +2.45% since addition to the indexes.
