Agility Robotics, the Oregon-based maker of humanoid robots, is planning to enter the public market through a merger with Churchill Capital Corp XI in a deal worth roughly $2.5 billion, according to a Wednesday report from the Wall Street Journal, which cited company executives.
According to the report, the two companies anticipate generating more than $600 million in gross proceeds from the transaction. That figure includes $420 million in cash from Churchill XI, along with more than $200 million raised through a common-stock private investment in public equity — an arrangement led by Taiwan-based Foxconn.
Once the deal closes, the newly public company is expected to trade on the stock market under the ticker symbol AGLT.
Agility Robotics is best known for its commercially deployable humanoid robot called Digit. The company has already received orders for an upgraded version of Digit currently in development. That next-generation model is designed to handle smaller objects with greater precision and will meet higher safety standards.
Reuters, which first reported the story, noted it was unable to independently confirm the details at the time of publication. Neither Agility Robotics nor Churchill Capital Corp XI responded to requests for comment made outside of normal business hours.
