Symbotic Plans to Accelerate Growth as a Public Company and Advance its A.I.-Enabled Robotics Technology to Transform the Supply Chain
Symbotic to Ring the Nasdaq Opening Bell Today at 9:30 a.m. ET
WILMINGTON, Mass., June 08, 2022--(BUSINESS WIRE)--Symbotic Inc. (NASDAQ: SYM), a leader in A.I.-enabled robotics automation technology, announced that shares of its Class A common stock will trade on The Nasdaq Stock Market today under the ticker symbol "SYM." Symbotic’s trading debut comes after the completion of its business combination with SVF Investment Corp. 3 ("SVF"), a special purpose acquisition company sponsored by an affiliate of SoftBank Investment Advisers. The combined company now operates as Symbotic Inc.
Symbotic is at the forefront of an addressable market opportunity valued at over $350 billion to reinvent warehouse automation and reshape the global supply chain. As a public company, Symbotic can fuel its next growth stage and accelerate its next-generation A.I.-enabled robotics technology to new customers and verticals. Symbotic has proven to its current customers the power of its technology and ability to scale quickly with an industry-leading $11-plus billion in contracted orders.
"Symbotic transforms the supply chain with automation and intelligence so that our customers’ warehouse distribution networks become a competitive advantage," said Michael J. Loparco, CEO of Symbotic. "As a public company, we have greater capital to scale our platform more rapidly. The ongoing support of SoftBank and all our investor partners will help us transform the industry and innovate faster for the benefit of our customers."
"Becoming a public company is a significant achievement in Symbotic’s mission to reimagine the warehouse and modernize the global supply chain," said Rick Cohen, Chairman of the Board of Directors and President of Symbotic. "We have built an exceptional technology platform that is ready to scale. As a public company, we intend to accelerate our growth plans and expand our offerings into new industries. I’m extremely proud of the entire Symbotic team for their unwavering support and thank them for making this milestone possible."
Over the past 15 years, Symbotic has developed the next generation of robotics technology. The supply chain industry experiences exponential data growth every year, resulting in increasingly complex distribution challenges. Symbotic solves this problem with its end-to-end robotics solution that is powered by a sophisticated data platform with self-learning software that is flexible to changing conditions, transforming the flow of goods of the supply chain for customers.
Symbotic will ring the Nasdaq opening bell at 9:30 a.m. ET today. Watch the ceremony live on Nasdaq’s website.
Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, AI-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-gen 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. For more information, visit www.symbotic.com.
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, Symbotic’s 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 Inc.’s (formerly SVF’s) filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to the final proxy statement/prospectus included in the Registration Statement on Form S-4 (File No. 333-262529) that SVF filed in connection with the business combination. 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 speak only as of the date they are made, and Symbotic is not 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 Symbotic has filed or will file from time to time with the SEC.
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