Investing.com-- Humanoid robot maker Agility Robotics is set to go public through a merger with special purpose acquisition company Churchill Capital Corp XI in a deal valuing the company at about $2.5 billion, the Wall Street Journal reported on Wednesday, citing company executives.
The combined company is expected to trade under the ticker symbol AGLT. According to the report, the transaction is expected to generate more than $600 million in gross proceeds, including about $420 million held in Churchill Capital XI’s trust account and more than $200 million from a private investment in public equity (PIPE).The PIPE investment is being led by Taiwan-based electronics manufacturer Foxconn, an existing investor in Agility Robotics, the Journal reported. Agility Robotics develops humanoid robots for manufacturing and warehouse operations. Its flagship robot, Digit, is designed to automate tasks such as moving and stacking containers. The company counts Amazon.com, logistics firm QXO, auto parts supplier Schaeffler and Toyota Motor Manufacturing Canada among its customers. Agility competes with robotics companies including Tesla and Boston Dynamics, as well as startups such as Figure AI and Apptronik. The company is backed by investors including Amazon, Nvidia and SoftBank, the report said.
Chief Executive Peggy Johnson told the Journal she expects strong investor interest in humanoid robotics and sees advantages in becoming one of the first standalone companies in the sector to enter public markets.
Reporting by Roushni Nair
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