SALT LAKE City & PITTSBURGH, Pa., April 25, 2022–(Organization WIRE)–Sarcos Know-how and Robotics Company (“Sarcos”) (NASDAQ: STRC and STRCW) now introduced the prosperous closing of the previously declared acquisition of Pittsburgh-centered robotics firm RE2, Inc., a developer of autonomous and teleoperated mobile robotic methods for use in the aviation, development, defense, energy, and professional medical industries. The closing of this transaction provides jointly two leading business robotics teams centered on acquiring industrial robotic systems that boost worker security and productivity.
Whole consideration for the transaction was $100 million, consisting of $30 million in funds and 14 million shares of Sarcos frequent stock that have been possibly recently issued or underlie assumed options. The inventory component represents dilution to Sarcos stockholders of around 5.7% based on a entirely-diluted share count of close to 231 million shares (which assumes the physical exercise of all remarkable warrants and features all shares available for issuance beneath our equity options).
“We are delighted to formally welcome the entire RE2 staff to the Sarcos household,” mentioned Kiva Allgood, President and CEO, Sarcos. “I have had the chance to operate intently with the RE2 staff, and our abilities and objectives are perfectly matched. Our put together product lineup and experience will allow for us to deal with client wants in a considerably wider variety of industries and use-cases. I am extremely optimistic about our long term as a put together enterprise.”
Sarcos expects to advantage from potential income connected with RE2’s current contracts, which include contracts with the U.S. federal government to acquire impressive robotic systems for underwater and industrial options, as perfectly as a developmental partnership with JLG Industries, Inc., an Oshkosh Company business (NYSE: OSK) and top supplier of cell elevating operate platforms and entry tools.
“The productiveness vital, along with the COVID-19 pandemic, has accelerated the require for, and adoption of, robotic systems beyond the factory floor,” stated Frank Nerenhausen, Oshkosh Company Executive Vice President and President, JLG Industries. “In point, a significant focal place in development and industrial applications today is remote operation of devices that retains workers out of harm’s way. The mix of Sarcos and RE2 delivers collectively two top robotics companies doing the job to accelerate the implementation of robotics and transfer the access market forward. We glance forward to making on the outstanding progress we have by now designed in partnership with RE2.”
Pursuing the closure of the transaction, the Sarcos products line now incorporates the Guardian® XO® entire-body, battery-powered industrial exoskeleton, Guardian® XT™ teleoperated dexterous cell robotic avatar program, and the SapienTM line of arms – like models with capabilities ranging from precision arms for surgical programs to rugged outside arms for building jobs and the Sapien Sea Class method that can run in shallow and deep h2o.
Summary of Transaction Gains:
Envisioned to increase more focus on markets in aviation, development, medical, and subsea to Sarcos’ whole addressable market place
Sapien items are envisioned to bring earlier earnings and commercial solution availability for the merged enterprise
Gives a appreciably broader item established with a broad assortment of use situations and cost details for clients
Virtually doubles Sarcos’ engineering staff
Provides a second Sarcos locale in Pittsburgh, PA, to support in attracting proficient new hires
RE2’s Detect™ out of doors laptop eyesight remedy and Intellect™ autonomy computer software experience will be added to Sarcos’ Cybernetic Instruction for Autonomous Robots (CYTAR™) artificial intelligence (AI) and machine learning software
For far more details on Sarcos and its award-successful product or service portfolio, please check out www.sarcos.com.
About the Transaction
Wilson Sonsini Goodrich & Rosati, Skilled Corporation acted as authorized counsel and PJT Associates acted as economical advisor to Sarcos. Blank Rome LLP and Cherin Regulation Offices, P.C. acted as legal counsel and Stifel, Nicolaus & Organization acted as economical advisor to RE2, Inc.
About Sarcos Technology and Robotics Company
Sarcos Technological know-how and Robotics Company (NASDAQ: STRC and STRCW) is a leader in industrial robotic techniques that augment human overall performance by combining human intelligence, intuition, and judgment with the energy, endurance, and precision of devices to enrich worker safety and productivity, enable distant operations and lower operational charges. Sarcos’ cell robotic methods, including the Guardian® S, Guardian® GT, Guardian® XO®, and Guardian® XT™, along with the SapienTM spouse and children of robotic arms from RE2, RE2 Detect™ computer vision computer software, and RE2 Intellect™ autonomy computer software, are created to revolutionize the foreseeable future of work where ever physically demanding operate is performed. Sarcos is headquartered in Salt Lake Town, Utah, and now has a 2nd locale in Pittsburgh, PA. For extra data, please pay a visit to www.sarcos.com.
Forward-Wanting Statements RE2 Financial Information and facts
This press release includes forward-hunting statements inside the indicating of the Private Securities Litigation Reform Act of 1995, which includes statements about Sarcos’ means to effectively combine RE2 into its operations the items and marketplaces of each and every enterprise the anticipated gains of the acquisition of RE2 and Sarcos’ capacity to comprehend those rewards Sarcos’ efficiency adhering to the acquisition of RE2 Sarcos’ plans to grow its product availability Sarcos’ potential to market its products and solutions or get hold of robotic-as-a-company subscriptions competition from current or future enterprises and technologies and the envisioned dimension of and probable for the acquisition to grow Sarcos’ addressable industry. Ahead-wanting statements are inherently topic to threats, uncertainties, and assumptions. Typically, statements that are not historic info, such as statements concerning probable or assumed long run actions, company strategies, activities, or effects of functions, are forward-hunting statements. These statements could be preceded by, adopted by, or incorporate the text “believes,” “estimates,” “expects,” “initiatives,” “forecasts,” “may possibly,” “will,” “must,” “seeks,” “programs,” “scheduled,” “anticipates,” “intends” or “continue on” or identical expressions. Such ahead-on the lookout statements contain challenges and uncertainties that may result in actual events, final results, or general performance to vary materially from those indicated by these statements. These ahead-on the lookout statements are based mostly on Sarcos’ and RE2’s management’s present-day expectations and beliefs, as very well as a range of assumptions relating to upcoming activities. However, there can be no assurance that the activities, effects or trends determined in these forward-wanting statements will happen or be realized. Ahead-wanting statements converse only as of the date they are manufactured, and Sarcos is not underneath any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-seeking statement, no matter if as a result of new information, foreseeable future gatherings or if not, besides as essential by regulation.
Viewers must carefully review the statements established forth in the reviews which Sarcos has submitted or will file from time to time with the Securities and Trade Fee (the “SEC”). In addition to factors earlier disclosed in Sarcos’ stories submitted with the SEC and those recognized in this push launch, the following elements, among other people, could cause real effects to vary materially from forward-on the lookout statements or historical general performance: the chance of litigation or regulatory actions the capacity of Sarcos to efficiently combine RE2’s operations, solutions and systems the danger that the anticipated advantages of the transaction might not be recognized or may possibly choose for a longer time than predicted to be recognized, including as a consequence of the affect of, or difficulties arising from, the integration of the two firms or as a final result of the economic climate and aggressive things in the regions exactly where Sarcos and RE2 do organization the effects of the COVID-19 pandemic on Sarcos’ and RE2’s organization Sarcos’ and RE2’s means to retain crucial staff the dilution triggered by Sarcos’ issuance of added shares of its frequent inventory in connection with the transaction Sarcos’ skill to execute on its enterprise method, address staffing shortages and offer chain disruptions, start its items in expected timelines, build new products and solutions and expert services and improve current solutions and providers capacity to answer speedily to rising technological innovation traits ability to compete proficiently, recruit and retain skilled staff and control progress and fees standard aggressive, financial, political and industry situations and other hazards and uncertainties set forth in the portion entitled “Possibility Components” and “Cautionary Note Pertaining to Forward-Seeking Statements” in documents submitted by Sarcos from time to time with the SEC. The paperwork submitted by Sarcos with the SEC might be acquired cost-free of charge at the SEC’s web site at www.sec.gov.
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