Agility Robotics to go public in $2.5 billion deal with Michael Klein-backed SPAC

Agility Robotics to go public in $2.5 billion deal with Michael Klein-backed SPAC June 24 : Agility Robotics will go public through a merger with blank-check firm Churchill Capital Corp XI in a $2.5 billion deal, the companies said on Wednesday. Here are some details on the deal: • The deal is expected to provide more than $620 million in proceeds to Oregon-based Agility, including roughly $200 million of financing from existing and new institutional investors. • Agility will use the proceeds to fulfill existing orders, expand commercial deployments and scale production. • Shares of Churchill Capital Corp XI, backed by veteran Wall Street dealmaker Michael Klein, jumped 18 per cent in premarket trading. • Agility's flagship humanoid robot, Digit, is deployed in manufacturing, distribution and logistics to automate physical tasks. The firm estimates its market opportunity to be roughly $1 trillion. • "Humanoids are at a meaningful inflection point in commercial adoption, and we are focused on meeting growing customer demand, expanding deployments, and advancing our roadmap," Agility CEO Peggy Johnson said. • The firm has already secured more than $300 million of orders for a new version of Digit it is developing, which would have finer dexterity to move smaller objects and incorporate higher safety standards. • The company will list on a North American exchange under the ticker symbol AGLT.