Berkshire Grey Announces Business Combination with $RAAC spac
Berkshire Grey, a Leader in AI-Enabled Robotics and Automation Solutions, Announces Business Combination with Revolution Acceleration Acquisition Corp
Combined company to have an estimated post-transaction equity value of up to $2.7 billion
Transaction expected to provide up to $413 million in cash proceeds, including a fully committed PIPE of $165 million anchored by Chamath Palihapitiya, Founder and CEO of Social Capital, Hedosophia and funds and accounts managed by BlackRock
Current Berkshire Grey shareholders Khosla Ventures, New Enterprise Associates, Canaan Partners and SoftBank Group Corp. rolling 100% of their equity in the combined company
Berkshire Grey expects to have $507 million cash, which will be used to fund operations and support new and existing growth initiatives, and no debt on its balance sheet following the combination.
The intellectual property supporting BG’s market-leading solutions is protected by more than 300 patent filings.
The intellectual property supporting BG’s market-leading solutions is protected by more than 300 patent filings.
Transaction is expected to close during the second quarter of 2021 and is subject to approval by RAAC’s stockholders and other customary closing conditions.
finance.yahoo.com/news/berkshire-grey-leader-ai-enabled-110000985.html
Combined company to have an estimated post-transaction equity value of up to $2.7 billion
Transaction expected to provide up to $413 million in cash proceeds, including a fully committed PIPE of $165 million anchored by Chamath Palihapitiya, Founder and CEO of Social Capital, Hedosophia and funds and accounts managed by BlackRock
Current Berkshire Grey shareholders Khosla Ventures, New Enterprise Associates, Canaan Partners and SoftBank Group Corp. rolling 100% of their equity in the combined company
Berkshire Grey expects to have $507 million cash, which will be used to fund operations and support new and existing growth initiatives, and no debt on its balance sheet following the combination.
The intellectual property supporting BG’s market-leading solutions is protected by more than 300 patent filings.
The intellectual property supporting BG’s market-leading solutions is protected by more than 300 patent filings.
Transaction is expected to close during the second quarter of 2021 and is subject to approval by RAAC’s stockholders and other customary closing conditions.
finance.yahoo.com/news/berkshire-grey-leader-ai-enabled-110000985.html
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