SVF Investment Corp. 3 (SVFC) Shareholders Approve Symbotic Deal
by Marlena Haddad on 2022-06-03 at 5:18pm

SVF 3 (NASDAQ:SVFC) announced that its shareholders have voted to approve its combination with AI supply chain technology firm Symbotic in a special meeting held earlier today.

Today’s 8-K disclosed that holders of 27,459,854 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.00 per share. As a result, $274,598,540, or 85.812%, of SVF 3’s trust will be removed, slightly above the average redemption amount of 84.3% for 2022 YTD.

As background, SVF 3 is financing the deal with $320 million from its current trust supplemented by a $200 million forward purchase agreement (FPA) by SoftBank and a $205 million PIPE, which drew strategic investment from Walmart (NYSE:WMT). SVF 3 had a cash minimum of at least $350 million, which was originally covered by the transaction’s $405 million from the FPA and PIPE.

The deal is expected to close shortly and the combined company is expected to trade on the Nasdaq under the symbol “SYM”.

The parties initially announced the $4.8 billion combination on December 13, 2021. Wilmington, Massachusetts-based Symbotic provides technology to either retrofit or build greenfield automated warehouses for the supermarket and retail supply chain.

A total of 25,535,827 ordinary shares, representing approximately 62.22% of the outstanding ordinary shares entitled to vote, were present at today’s meeting. All other proposals on the ballot, including the issuance proposal, the equity incentive plan, and governance proposals, were also approved at today’s special meeting.


ADVISORS

  • Goldman Sachs & Co. LLC is serving as exclusive financial advisor and Sullivan & Cromwell LLP is serving as legal advisor to Symbotic.
  • Deutsche Bank Securities is serving as exclusive financial advisor as well as capital markets advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal advisor to SVFC.
  • Goldman Sachs & Co. LLC and Deutsche Bank Securities are also serving as lead Placement Agents on behalf of SVFC.
Recent Posts
by Kristi Marvin on 2025-05-31 at 10:02am

Terms Tracker for the Week Ending May 30, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. May went out with a bang. Four more IPOs priced this week, bringing the monthly tally to 22 and the YTD total to 53. That...

by Nicholas Alan Clayton on 2025-05-30 at 2:55pm

June is set to be one of the quietest months in some time in terms of sponsors and de-SPAC’d companies coming free from their lock-ups, owing to the quieter periods for transactions closing that occurred six and 12 months ago. Up first will be company shareholders for East Asian media conglomerate TNL Mediagene (NASDAQ:TNMG) on...

by Nicholas Alan Clayton on 2025-05-30 at 12:37pm

Pioneer I (NASDAQ:PACHU) has filed for a $220 million SPAC to hunt for a healthcare target with a mix of industry veterans heading up its team. The new SPAC is the 12th new S-1 underwritten by Cantor Fitzgerald this year as left lead as it hopes to join the 10 SPACs that the underwriter has...

by Nicholas Alan Clayton on 2025-05-30 at 8:24am

At the SPAC of Dawn This week comes to an end with a flurry of SPAC votes including three special meetings called for shareholders to approve business combinations. Aetherium (OTC:GMFI) was also scheduled to seek shareholder approval for its extension proposal, but has punted this vote for two weeks to June 13. Two of today’s...

by Nicholas Alan Clayton on 2025-05-29 at 8:22am

At the SPAC of Dawn After multiple days of market rallies, traders are set to ingest a full plate of economic indicators today with jobless claims coming first, followed by a GDP growth revisions, home sales and a raft of Fed comments. GDP figures for the first quarter are broadly forecast to be revised downward...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved