Rotor Acquisition Corp. (NYSE:ROT) announced in a press release today that its shareholders approved its combination with industrial robotics maker Sarcos at a shareholder vote held yesterday.
The press release did not provide information on redemption numbers, but ROT traded above $10 throughout its redemption deadline September 13.
Rotor expects to close the deal on September 24. The combined company’s stock and warrants are expected to commence trading on the Nasdaq on September 27, under the ticker symbols “STRC” and “STRCW,” respectively.
The parties originally announced the $1.3 billion deal on April 6. Sarcos provides robotics designed to augment worker capabilities and prevent workplace injuries.
The current Sarcos management team, including chairman and CEO Ben Wolff, will continue to lead the company, while the new board of directors will consist of current and former leaders from Apple, The Boeing Company, Credit Suisse, Delta Air Lines, Microsoft, Nextel, and the U.S. Department of Defense.
ADVISORS
- Jefferies and PJT Partners are acting as financial advisors to Sarcos
- Wilson Sonsini Goodrich & Rosati, Professional Corporation is acting as legal counsel to Sarcos.
- Gibson, Dunn & Crutcher LLP is acting as legal counsel to Rotor Acquisition.
- Credit Suisse is acting as sole financial and capital markets advisor to Rotor Acquisition.
- Credit Suisse, Jeffries, and PJT Partners are acting as joint placement agents with respect to the private placement.
- Milbank LLP is acting as legal counsel to the Special Committee of Rotor’s Board of Directors
- Houlihan Lokey is acting as financial advisor to the Special Committee.
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