Symbotic LLC, a revolutionary A.I.-enabled technology platform
provider for the supply chain and a leader in robotics-based
automation, names Michael J. Loparco as Chief Executive Officer.
Rick Cohen will remain Chairman of the Board and President, and
will focus on product development and customer engagement as Chief
Product Officer.
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the full release here:
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Michael J. Loparco, Chief Executive
Officer, Symbotic LLC (Photo: Business Wire)
“Symbotic has an exciting future. We are looking forward to
becoming a public company listed on the Nasdaq. This expansive
growth requires us to ensure that we have the right leader in place
to take us to the next level.” said Rick Cohen, Chairman of the
Board, President & Chief Product Officer. Symbotic previously
announced its entry into a business combination agreement with SVF
Investment Corp. 3 (NASDAQ: SVFC), a special purpose acquisition
company (SPAC), that is expected to make Symbotic a public company
listed on the Nasdaq. In connection with the proposed business
combination, SVF Investment Corp. 3 filed an amended registration
statement on Form S-4 with the SEC on March 23, 2022, which
includes a preliminary proxy statement and prospectus of SVF
Investment Corp. 3.
“Michael has more than 20 years of industry experience and with
his recent experience as Executive Vice President and CEO of
Electronics Manufacturing Services of Jabil Inc., will be a
valuable addition as we reinvent the warehouse for retailers and
wholesalers. He is a highly regarded leader that has led through
times of extensive change and growth with much success,” continued
Cohen. “We are excited to welcome Michael to the Symbotic family
and look forward to his leadership in our next phase of
growth.”
About Symbotic
Symbotic LLC is a robotics and automation-based product movement
technology platform provider focused on transforming the consumer
goods supply chain. Symbotic has spent more than a decade
perfecting its warehouse automation platform to disrupt the supply
chain of goods between manufacturers and consumers. Symbotic’s
unique platform, with more than 250 issued patents, is an
end-to-end system that reimagines every aspect of the warehouse and
is fueled by a unique combination of proprietary software and a
fleet of fully autonomous robots. The system enhances storage
density, increases available SKUs, reduces product damage and
improves throughput and speed to customers. Symbotic is rapidly
growing with a pipeline to build its transformative systems for
Fortune 100 retailers and wholesalers in new and existing
warehouses throughout the United States and Canada. For more
information about Symbotic, visit https://www.symbotic.com.
About SVF Investment Corp. 3
SVF Investment Corp. 3 is a blank check company formed by an
affiliate of SoftBank Investment Advisers (“SBIA”). Through the
SoftBank Vision Funds, SBIA is investing up to $150 billion in many
of the world’s leading technology companies, including those they
helped take public such as l0X Genomics, Aurora, Auto1, Autostore,
Berkshire Gray, Beike, Compass, Coupang, DiDi, Dingdong Maicai,
DoorDash, Exscientia, Full Truck Alliance, Grab, Guardant Health,
lonQ, JD Logistics, OneConnect, Opendoor, Paytm, PingAn Good
Doctor, Policybazaar, Qualtrics, Relay Therapeutics, Roivant, Seer,
Slack, Uber, View, Vir, WeWork, Zhangmen, ZhongAn Insurance and
Zymergen. SBIA’s global reach, unparalleled ecosystem, and patient
capital help founders build transformative businesses.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including, but not limited to, SVF Investment Corp. 3’s (“SVF”) and
Warehouse Technologies LLC's ("Symbotic") 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 SVF’s Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission (the “SEC”) on March 23, 2022
and SVF’s registration statement on Form S-4 filed with the SEC on
February 4, 2022 as amended on March 23, 2022. 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 SVF and Symbotic
believe 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 speak only as of the date they are made,
and neither SVF nor Symbotic is 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 SVF has filed or will file from time to time with the
SEC.
In addition to factors previously disclosed in SVF’s Annual
Report on Form 10-K filed with the SEC on March 23, 2022 and SVF’s
registration statement on Form S-4 filed with the SEC on February
4, 2022 as amended on March 23, 2022 and those identified elsewhere
in this press release, the following factors, among others, could
cause actual results to differ materially from forward-looking
statements or historical performance: ability to meet the closing
conditions to a business combination between SVF and Symbotic (the
“Business Combination”) pursuant to that certain Agreement and Plan
of Merger, dated December 12, 2021 (the “Merger Agreement”), by and
among SVF, Warehouse Technologies LLC, Symbotic Holdings LLC and
Saturn Acquisition (DE) Corp., including approval by stockholders
of SVF and Symbotic on the expected terms and schedule; delay in
closing the Business Combination; failure to realize the benefits
expected from the proposed transaction; the effects of pending and
future legislation; risks related to disruption of management time
from ongoing business operations due to the proposed transaction;
business disruption following the transaction; risks related to the
impact of the COVID-19 pandemic on the financial condition and
results of operations of SVF and Symbotic; the occurrence of any
event, change or other circumstance that could give rise to the
termination of the Merger Agreement or the termination of any of
certain subscription agreements entered into by SVF with certain
parties in connection with the Merger Agreement; the amount of
redemption requests made by SVF’s stockholders; the effect of the
announcement or pendency of the transaction on Symbotic’s business
relationships, performance, and business generally; the ability to
meet NASDAQ listing standards following the consummation of the
Business Combination; the amount of the costs, fees, expenses and
other charges related to the transaction; the ability of SVF to
issue equity securities in connection with the transaction; and
other consequences associated with mergers, acquisitions and
divestitures and legislative and regulatory actions and
reforms.
Any financial projections in this press release are
forward-looking statements that are based on assumptions that are
inherently subject to significant uncertainties and contingencies,
many of which are beyond SVF’s and Symbotic’s control. While all
projections are necessarily speculative, SVF and Symbotic believe
that the preparation of prospective financial information involves
increasingly higher levels of uncertainty the further out the
projection extends from the date of preparation. The assumptions
and estimates underlying the projected results are inherently
uncertain and are subject to a wide variety of significant
business, economic and competitive risks and uncertainties that
could cause actual results to differ materially from those
contained in the projections. The inclusion of projections in this
communication should not be regarded as an indication that SVF and
Symbotic, or their representatives, considered or consider the
projections to be a reliable prediction of future events.
Annualized, pro forma, projected and estimated numbers are used
for illustrative purpose only, are not forecasts and may not
reflect actual results.
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 SVF and is not intended to form the basis of an
investment decision in SVF. All subsequent written and oral
forward-looking statements concerning SVF and Symbotic, the
proposed transaction or other matters and attributable to SVF and
Symbotic or any person acting on their behalf are expressly
qualified in their entirety by the cautionary statements above.
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication is being made in respect of the proposed
Business Combination involving SVF and Symbotic.
SVF filed a registration statement on Form S-4 with the SEC on
February 4, 2022 as amended on March 23, 2022, which includes a
preliminary proxy statement and a prospectus of SVF, and each party
will file other documents regarding the proposed transaction with
the SEC. After the registration statement is declared effective,
the definitive proxy statement/prospectus will also be sent to the
stockholders of SVF and unitholders of Symbotic, seeking required
stockholder or unitholder approval. Before making any voting or
investment decision, investors and security holders of SVF and
Symbotic are urged to carefully read the entire registration
statement and proxy statement/prospectus and any other relevant
documents filed with the SEC, as well as any amendments or
supplements to these documents, because they will contain important
information about the proposed transaction. The documents filed by
SVF with the SEC may be obtained free of charge at the SEC’s
website at www.sec.gov. In addition, the documents filed by SVF may
be obtained free of charge from SVF at
https://www.svfinvestmentcorp.com/svfc/. Alternatively, these
documents can be obtained free of charge from SVF upon written
request to SVF INVESTMENT CORP. 3, 1 Circle Star Way, San Carlos,
California 94070, United States Attn: Secretary, or by calling
650-562-8100.
PARTICIPANTS IN THE SOLICITATION
SVF, Symbotic and certain of their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of SVF, in favor of
the approval of the Business Combination. Additional information
regarding the interests of those participants, the directors and
executive officers of Symbotic and other persons who may be deemed
participants in the transaction may be obtained by reading the
registration statement and the proxy statement/prospectus and other
relevant documents filed with the SEC when they become available.
Free copies of these documents may be obtained as described in the
preceding paragraph.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of any securities
in any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of such other jurisdiction.
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version on businesswire.com: https://www.businesswire.com/news/home/20220330005719/en/
Symbotic Media: Mike Dunn Vice President, Sales,
Marketing & Strategy Symbotic mdunn@symbotic.com
Symbotic Investor Relations: Jeff Evanson Vice President,
Business Development Symbotic ir@symbotic.com
SVF Investment Corp. 3:
svfinvestmentcorp@softbank.com
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