Agility Robotics begins trading on Nasdaq
Agility Robotics began trading on the Nasdaq Stock Market this morning under the ticker “AGLT,” after the company completed its merger with special-purpose acquisition company, or SPAC, Churchill Capital Corp XI. Agility’s stock opened at $11.26 per share, which was above the $10 per share price used in the SPAC deal.
The Salem, Ore.-based company‘s stock was at $10.30 as of press time. “Today marks an important milestone for Agility, but the bigger story is what it means for the future of work,” stated Peggy Johnson, CEO of Agility Robotics. “AI is moving beyond the digital world and into the physical world, creating new possibilities for how people and machines work together. At Agility, that future is already taking shape.” “Digit is doing real work in customer operations today, taking on repetitive, physically demanding tasks,” she added. “Becoming a public company gives us access to more resources to help accelerate that progress, bring intelligent robots to more workplaces and help build a future where people and robots accomplish more together.” Churchill XI shareholders approved the deal on Nov. 2, with more than 84% of votes cast in favor. The transaction closed on Nov. 4. Shares held by existing Agility shareholders and by the Churchill sponsor will be subject to a lock-up restriction on sales for 180 days after the 6ransaction closes, subject to early release based on certain stock price performance measures. The deal provides with about $465 million in gross proceeds before expenses. That includes about $164 million from Churchill XI’s trust account after redemptions, $201 million from a private investment in public equity (PIPE) led by Foxconn, and a $100 million funding round closed after the SPAC announcement. Agility had previously projected more than $620 million in proceeds if no shareholders redeemed. Submit your innovation now! Digit logs operating time, earns revenue Agility Robotics, which spun out of Oregon State University in 2015, makes the Digit humanoid, which has been moving totes in warehouses. The company claimed that Digit has already logged more than 65,000 hours of operation across nine customer facilities.
