SPACInsider Logo
SVF Investment Corp. 3 (SVFC) Shareholders Approve Symbotic Deal
by Marlena Haddad on 2022-06-03 at 5:18pm

SVF 3 (NASDAQ:SVFC) announced that its shareholders have voted to approve its combination with AI supply chain technology firm Symbotic in a special meeting held earlier today.

Today’s 8-K disclosed that holders of 27,459,854 Class A ordinary shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.00 per share. As a result, $274,598,540, or 85.812%, of SVF 3’s trust will be removed, slightly above the average redemption amount of 84.3% for 2022 YTD.

As background, SVF 3 is financing the deal with $320 million from its current trust supplemented by a $200 million forward purchase agreement (FPA) by SoftBank and a $205 million PIPE, which drew strategic investment from Walmart (NYSE:WMT). SVF 3 had a cash minimum of at least $350 million, which was originally covered by the transaction’s $405 million from the FPA and PIPE.

The deal is expected to close shortly and the combined company is expected to trade on the Nasdaq under the symbol “SYM”.

The parties initially announced the $4.8 billion combination on December 13, 2021. Wilmington, Massachusetts-based Symbotic provides technology to either retrofit or build greenfield automated warehouses for the supermarket and retail supply chain.

A total of 25,535,827 ordinary shares, representing approximately 62.22% of the outstanding ordinary shares entitled to vote, were present at today’s meeting. All other proposals on the ballot, including the issuance proposal, the equity incentive plan, and governance proposals, were also approved at today’s special meeting.


  • Goldman Sachs & Co. LLC is serving as exclusive financial advisor and Sullivan & Cromwell LLP is serving as legal advisor to Symbotic.
  • Deutsche Bank Securities is serving as exclusive financial advisor as well as capital markets advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal advisor to SVFC.
  • Goldman Sachs & Co. LLC and Deutsche Bank Securities are also serving as lead Placement Agents on behalf of SVFC.
Recent Posts
by Sam Beattie on 2022-12-02 at 7:10pm

Terms Tracker for the Week Ending December 2nd, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of...

by Marlena Haddad on 2022-12-02 at 5:38pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...

by Marlena Haddad on 2022-12-02 at 4:38pm

Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...

by Marlena Haddad on 2022-12-02 at 11:38am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot  Embark Director Elaine Chao, Others Sued Over SPAC...

by Nicholas Alan Clayton on 2022-12-02 at 7:51am

SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved