Sarcos Robotics’ business combination with Rotor Acquisition Corp has been approved by Rotor Shareholders. Rotor will change its name and the combined company will be called Sarcos Technology and Robotics Corporation. Notably, it is anticipated to begin trading on the Nasdaq on September 27, 2021, under the ticker symbol “STRC” for common stock and “STRCW” for warrants. The transaction could provide the combined company with more than $400 million that can be used to fund production scale-up and deployment of the Guardian XO full-body industrial powered exoskeleton and the Guardian XT industrial robotic avatar system.
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.”
With this combination, only Rex Bionics will remain privately held out of the original exoskeleton developers that have heralded exo technology. Sarcos will join these other major exoskeleton manufacturers on the stock market:
- Cyberdyne, 7779:JP
- ReWalk Robotics, RWLK (NASDAQ)
- Ekso Bionics, EKSO (NASDAQ)
- Myomo, MYO (NYSEAMERICAN)
Previous coverage of Sarcos on the Exoskeleton Report:
- Exoskeleton Developer Sarcos Robotics Signs MoU to Bring Mobile Robots to the Middle East and Africa, 2021
- The Full-Body Exoskeleton Specialist Sarcos Robotics and AI, 2020
- Sarcos Defense Awarded Contract for the use of its Guardian XO Exoskeleton Alpha Unit by the U.S. Marine Corps, 2020
- Sarcos Shows Off The Guardian XO With Its First Customer, Delta Air Lines At CES 2020, 2020
- Guardian XO Alpha: Up Close and Personal with the Sarcos Robotics Full-Body Powered Exoskeleton, 2019
- Sarcos Robotics Forms Industry Focused Exoskeleton Technical Advisory Group X-TAG, 2018
- Sarcos LC Acquires Raytheon Sarcos Unit of Raytheon, 2015
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.
ExoskeletonReport.com is not a registered investment broker or dealer. All opinions expressed by ExoskeletonReport.com are from the personal research and experience of the owner of the site and are intended as educational material. Although the best efforts are made to ensure that all information is timely and accurate, occasionally, unintended errors and misprints may occur.
Add Comment