Symbotic Announces Pricing of Primary and Secondary Offering of Class A Common Stock
February 21 2024 - 8:30PM
Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics
technology for the supply chain, today announced the pricing of its
previously announced underwritten public offering (the “Offering”)
of 10,000,000 shares of its Class A common stock by the Company and
certain trusts for the benefit of, and entities controlled by,
Richard Cohen, the Company’s founder, chairman and chief executive
officer, or members of his family (the “Selling Securityholders”).
In the offering, 5,000,000 shares of Class A common stock are being
sold by the Company and 5,000,000 shares of Class A common stock
are being sold by the Selling Securityholders, each at a public
offering price of $40.50 per share. In addition, Symbotic has
granted the underwriters a 30-day option to purchase up to an
additional 1,500,000 shares of its Class A common stock at the
public offering price, less underwriting discounts and commissions.
Symbotic currently intends to use the net proceeds from the
Offering for general corporate purposes. The Selling
Securityholders will receive all the net proceeds from the sale of
shares of Class A common stock sold by them in the Offering. The
Offering is expected to close on February 26, 2024, subject to
customary closing conditions.
Goldman Sachs & Co. LLC is acting as sole book-running
manager of the Offering.
The Offering is being made only by means of a prospectus
supplement and the accompanying prospectus, copies of which, when
available, may be obtained from the offices of Goldman Sachs &
Co. LLC, 200 West Street, New York, NY 10282, attention: Prospectus
Department, by telephone at (866) 471-2526 or by email at
prospectus-ny@ny.email.gs.com.
The shares of Symbotic’s Class A common stock will be issued
pursuant to an effective shelf registration statement on Form S-3.
Before investing in the Offering, interested parties should read
the prospectus and related prospectus supplement for the Offering,
the documents incorporated by reference therein and the other
documents Symbotic has filed with the U.S. Securities and Exchange
Commission (“SEC”). These documents may be obtained for free by
visiting the SEC’s website at www.sec.gov.
This press release is for informational purposes only and shall
not constitute an offer to sell or a solicitation of an offer to
buy any of these securities, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the applicable securities laws of such state or
jurisdiction.
ABOUT SYMBOTIC
Symbotic is an automation technology leader reimagining the
supply chain with its end-to-end, A.I.-powered robotic and software
platform. Symbotic reinvents the warehouse as a strategic asset for
the world’s largest retail, wholesale, and food & beverage
companies. Applying next-generation technology, high-density
storage and machine learning to solve today's complex distribution
challenges, Symbotic enables companies to move goods with unmatched
speed, agility, accuracy and efficiency. As the backbone of
commerce Symbotic transforms the flow of goods and the economics of
the supply chain for its customers.
FORWARD-LOOKING STATEMENTS
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but are not limited to, our expectations or
predictions of future financial or business performance or
conditions. Forward-looking statements are inherently subject to
risks, uncertainties and assumptions. Generally, statements that
are not historical facts, including statements concerning our
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,” or
“intends” or similar expressions. Such forward-looking statements
involve risks and uncertainties that may cause actual events,
results or performance to differ materially from those indicated by
such statements. Certain of these risks are identified and
discussed in Symbotic’s filings with the SEC, including the
sections titled “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations”
contained therein. These risk factors will be important to consider
in determining future results and should be reviewed in their
entirety. These forward-looking statements are expressed in good
faith, and Symbotic believes there is a reasonable basis for them.
However, there can be no assurance that the events, results or
trends identified in these forward-looking statements will occur or
be achieved. Forward-looking statements are provided for the
purposes of assisting the reader in understanding Symbotic's
financial performance, financial position and cash flows as of and
for periods ended on certain dates and to present information about
management’s current expectations and plans relating to the future,
and the reader is cautioned not to place undue reliance on these
forward-looking statements because of their inherent uncertainty
and to appreciate the limited purposes for which they are being
used by management. While Symbotic believes that the assumptions
and expectations reflected in the forward-looking statements are
reasonable based on information currently available to management,
there is no assurance that such assumptions and expectations will
prove to have been correct. Forward-looking statements speak only
as of the date they are made, and Symbotic is under no obligation,
and expressly disclaims 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 Symbotic has filed or will file from
time to time with the SEC.
INVESTOR CONTACT
Jeff EvansonVice President, Investor Relations & Corporate
Developmentir@symbotic.com
MEDIA CONTACT
Kimberly ZminkowskiDirector,
Marketingmediainquiry@symbotic.com
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