Shareholders in Rotor Acquisition, a publicly-traded special-purpose acquisition company, have approved what’s being described as a “business combination” – possibly meaning a merger – with Sarcos Robotics, a maker of exoskeletons.
Upon completion of the transaction, subject to the satisfaction of certain customary closing conditions, Rotor will change its name to Sarcos Technology and Robotics Corporation.
The post-closing company’s common stock and warrants are expected to commence trading on the Nasdaq under the ticker symbols “STRC” and “STRCW” respectively.
The current Sarcos management team, including chairman and CEO Ben Wolff, will continue to lead the company. The company’s new board of directors will be comprised of current and former leaders from Apple, The Boeing Company, Credit Suisse, Delta Air Lines, Microsoft, Nextel, and the US Department of Defense.
Ben Wolff, chairman, and CEO, Sarcos, says: “The growing shortage of skilled workers that are able to conduct physically demanding tasks is a critical problem for companies, industries, and the global economy.
“Sarcos has a unique opportunity to usher in a new age of human and machine collaboration by deploying a fleet of its highly dexterous mobile robotic systems that augment humans rather than replace them.
“We think we can put a meaningful dent in the skilled labor shortage challenges by enabling skilled workers and the companies they work for to be more productive and safer across a wide range of industries for those jobs where automation is not feasible.
“Consummation of the business combination with Rotor will help ensure that Sarcos has the resources we need to realize our vision for a safer and more productive industrial workforce of the future.”
Stefan Selig, chairman of Rotor, says: “We are delighted that our shareholders have approved our business combination with Sarcos.
“We look forward to watching Ben and the rest of the management team execute on their plans to bring highly dexterous mobile robotic systems to unstructured work environments while providing a viable solution to the global labor shortage and enabling the workforce of the future.”