Symbotic debuts on the Nasdaq under the symbol “SYM”
Symbolica developer of AI-based robotic automation technology, says shares of its Class A common stock are now trading on the Nasdaq stock market under the symbol “SYM”.
Symbotic’s business debut comes after it completed its business combination with SVF Investment, a special purpose acquisition company sponsored by an affiliate of SoftBank Investment Advisers. The combined company now operates under the name Symbotic.
Symbotic is at the forefront of a $350 billion+ addressable market opportunity to reinvent warehouse automation and reshape the global supply chain.
As a public company, Symbotic can fuel its next stage of growth and accelerate its next-generation AI-powered robotics technology to new customers and vertical markets.
Symbotic has proven to current customers the power of its technology and its ability to scale rapidly with over $11 billion in revenue in contract orders.
Michael J. Loparco, CEO of Symbotic, said, “Symbotic is transforming the supply chain through automation and intelligence to turn our customers’ warehouse distribution networks into a competitive advantage.
“As a public company, we have more capital to scale our platform faster. The continued support of SoftBank and all of our investor partners will help us transform the industry and innovate faster for the benefit of our customers. »
Rick Cohen, President of Symbotic, said, “Becoming a public company is a significant achievement in Symbotic’s mission to reinvent the warehouse and modernize the global supply chain.
“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 am 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 is experiencing 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 supply chain goods for customers. .
The company also announces the completion of its business combination with SVF Investment Corp, a special purpose acquisition company sponsored by a subsidiary of SoftBank Investment Advisers, to become a publicly traded company.
The combined company will operate under the name “Symbotic Inc”.