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 Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

by Nicholas Alan Clayton on 2024-03-26 at 1:52pm

News and Rumors SpaceNews: Boeing (NYSE:BA) has sued Virgin Galactic (NASDAQ:SPCE) alleging the space tourism venture refused to pay $25 million it owed for design work and violated Boeing’s intellectual property rights. Virgin Galactic combined with Social Capital Hedosophia in 2019. Bloomberg: The most popular options contract for Trump Media (NASDAQ:DJT) predicts it to plunge...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved