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Symbotic Inc. (NASDAQ:SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced that it has commenced an underwritten public offering (the "Offering") 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"). The Company is offering 5,000,000 shares of its Class A common stock and the Selling Securityholders are offering 5,000,000 shares of Class A common stock. Symbotic expects to grant 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.
Goldman Sachs & Co. LLC is acting as sole book-running manager of the Offering.
Posted In: SYM
