Transaction expected to close on September 24,
2021
Combined company to be called Sarcos Technology
and Robotics Corporation and is expected to begin trading on Nasdaq
on September 27, 2021, under the ticker symbol “STRC”
Proceeds from the transaction are expected to
fund the company through scale production and deployment of the
award-winning Guardian® XO® industrial exoskeleton and Guardian®
XT™ industrial robotic avatar system
Rotor Acquisition Corp. (NYSE: ROT.U, ROT, and ROT WS)
(“Rotor”), a publicly-traded special purpose acquisition company,
announced today that its shareholders voted to approve the business
combination with Sarcos Robotics (“Sarcos”), a leader in the
development of robotic systems that augment humans to enhance
productivity and safety.
Upon completion of the transaction, subject to the satisfaction
of certain customary closing conditions, Rotor will change its name
to Sarcos Technology and Robotics Corporation. The post-closing
company’s common stock and warrants are expected to commence
trading on the Nasdaq on September 27, 2021, under the ticker
symbols “STRC” and “STRCW,” respectively. The current Sarcos
management team, including chairman and CEO Ben Wolff, will
continue to lead the company. The company’s new board of directors
will be comprised of current and former leaders from Apple, The
Boeing Company, Credit Suisse, Delta Air Lines, Microsoft, Nextel,
and the U.S. Department of Defense.
“The growing shortage of skilled workers that are able to
conduct physically demanding tasks is a critical problem for
companies, industries, and the global economy,” said Ben Wolff,
chairman, and CEO, Sarcos. “Sarcos has a unique opportunity to
usher in a new age of human and machine collaboration by deploying
a fleet of its highly dexterous mobile robotic systems that augment
humans rather than replace them. We think we can put a meaningful
dent in the skilled labor shortage challenges by enabling skilled
workers and the companies they work for to be more productive and
safer across a wide range of industries for those jobs where
automation is not feasible. Consummation of the business
combination with Rotor will help ensure that Sarcos has the
resources we need to realize our vision for a safer and more
productive industrial workforce of the future.”
“We are delighted that our shareholders have approved our
business combination with Sarcos,” said Stefan Selig, Chairman of
Rotor. “We look forward to watching Ben and the rest of the
management team execute on their plans to bring highly dexterous
mobile robotic systems to unstructured work environments while
providing a viable solution to the global labor shortage and
enabling the workforce of the future.”
For more information on Sarcos and its award-winning product
portfolio, please visit www.sarcos.com.
About Rotor Acquisition Corp.
With approximately 100 years of combined experience in investing
and managing capital across markets and industries, structuring
transactions, and building businesses and led by Chief Executive
Officer Brian Finn, Chairman of the Board Stefan M. Selig, and
Director John D. Howard, Rotor Acquisition Corp. is a blank check
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with potential target companies with
certain industry and business characteristics within the areas of
disruptive consumer and industrial technologies. For more
information, please visit www.rotoracquisition.com.
About Sarcos Robotics
Sarcos Robotics is a leader in industrial robotic systems that
augment human performance by combining human intelligence,
instinct, and judgment with the strength, endurance, and precision
of machines to enhance employee safety and productivity. Leveraging
more than 30 years of research and development, Sarcos’ mobile
robotic systems, including the Guardian® S, Guardian® GT, Guardian®
XO®, and Guardian® XT™, are designed to revolutionize the future of
work wherever physically demanding work is done. Sarcos is based in
Salt Lake City, Utah, and backed by Caterpillar Venture Capital
Inc., Delta Air Lines, GE Ventures, Microsoft, and Schlumberger.
For more information, please visit www.sarcos.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and within the meaning of Section 27a of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, including, but not limited to, Sarcos’ product
roadmap, including the expected timing of commercialization or new
product releases, Sarcos’ plans to expand its product availability,
Sarcos’ use of capital following the transaction, including Sarcos’
ability to accomplish the initiatives outlined above, and the
expected timing of the closing of the transaction. Forward-looking
statements are inherently subject to risks, uncertainties, and
assumptions. Generally, statements that are not historical facts,
including statements concerning possible or assumed future actions,
business strategies, events, or results of operations, are
forward-looking statements. These statements may be preceded by,
followed by, or include the words “believes,” “estimates,”
“expects,” “projects,” “forecasts,” “may,” “will,” “should,”
“seeks,” “plans,” “scheduled,” “anticipates,” “intends” or
“continue” or similar expressions, although not all forward-looking
statements contain these identifying terms. Such forward-looking
statements involve risks, uncertainties, and other factors that may
cause actual events, results or performance to differ materially
from those indicated by such statements. These forward-looking
statements are based on Sarcos’ management’s and Rotor’s
management’s current expectations and beliefs, as well as a number
of assumptions concerning future events. However, there can be no
assurance that the events, results, or trends identified in these
forward-looking statements will occur or be achieved. You should
not place undue reliance on forward-looking statements, which speak
only as of the date they are made, and Sarcos and Rotor are not
under any obligation and expressly disclaim any obligation, to
update, alter or otherwise revise any forward-looking statement,
whether as a result of new information, future events, or
otherwise, except as required by law. Readers should carefully
review the statements set forth in the reports which Rotor
Acquisition Corp. (“Rotor”) has filed or will file from time to
time with the U.S. Securities and Exchange Commission (“SEC”). In
addition to factors previously disclosed in Rotor’s reports filed
with the SEC and those identified in this press release, the
following factors, among others, could cause actual results to
differ materially from forward-looking statements or historical
performance: risks and uncertainties related to the inability of
the parties to successfully or timely consummate the potential
business combination, including the risk that any required
regulatory approvals or stockholder approvals are not obtained, are
delayed or are subject to unanticipated conditions that could
adversely affect the combined company or the expected benefits of
the proposed business combination; failure to realize the
anticipated benefits of the potential business combination; Sarcos’
ability to execute on its business strategy, develop new products
and services and enhance existing products and services; ability to
respond rapidly to emerging technology trends; ability to compete
effectively and manage growth and costs; and other risks and
uncertainties set forth in the section entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in Rotor’s
definitive proxy statement filed with the SEC on August 6, 2021 and
other documents of Rotor filed, or to be filed, with the SEC.
This communication is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
an investment in Rotor and is not intended to form the basis of an
investment decision in Rotor. All subsequent written and oral
forward-looking statements concerning Rotor and Sarcos, the
proposed business combination, or other matters and attributable to
Rotor and Sarcos or any person acting on their behalf are expressly
qualified in their entirety by the cautionary statements above.
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version on businesswire.com: https://www.businesswire.com/news/home/20210916005200/en/
Sarcos Robotics Ben Mimmack (801) 419-0438 pr@sarcos.com
ir@sarcos.com
MZ Group Chris Tyson Executive Vice President MZ Group –
MZ North America (949) 491-8235 STRC@mzgroup.us
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