Key takeaways
- Agility Robotics began trading on Nasdaq as AGLT on November 5 after merging with Churchill Capital Corp XI.
- The deal expected about $465 million in gross proceeds, including a $201 million PIPE led by Foxconn.
- At 14:49 UTC the stock was $9.245, down about 17.9%, below the $10 PIPE price.
Agility Robotics began trading on Nasdaq on November 5 under the ticker AGLT after merging with the blank-check company Churchill Capital Corp XI. Bloomberg and Ars Technica describe it as the first US-listed company dedicated to humanoid robots. By 14:49 UTC the stock traded at $9.245, down about 17.9% on the day, per Yahoo Finance.
A blank-check merger (a SPAC) is a shortcut to a stock listing: an empty listed shell buys a private company and takes its place on the exchange. Ticker AGLT, and AGLTW for warrants, were set out in Churchill's filing.
The deal in numbers
Churchill XI shareholders approved the merger on November 2, with more than 84% of votes cast in favor. The companies expected about $465 million in gross proceeds before expenses:
- About $164 million from Churchill XI's trust account
- About $201 million from a PIPE (a private placement of shares) at $10 a share, led by Foxconn
- $100 million of equity funding received after the deal was announced
Earlier reports put the pre-money equity value at $2.5 billion. That figure is not in the filing we read. Churchill XI is redomiciling from the Cayman Islands to Delaware and renaming itself Agility Robotics, Inc.
How the first day went
Yahoo Finance data read at 14:49 UTC showed a day range of $8.40 to $11.49 on volume of about 876,000 shares, with the stock below the $10 price at which the PIPE investors bought. Prices for newly listed SPAC shares often swing widely in the first days. This is a report of what happened, not a view on the stock.
What to watch
Watch for its first earnings report as a public company, which will show revenue and cash burn for the first time.