Sarcos Robotics Corp CEO Ben Wolff tells Proactive the Utah-based wearable robotics manufacturer is merging with a SPAC named Rotor Acquisition Corp, aiming to use the $496 million it will close towards building its robotic fleet.
Wolff says Sarcos aims to provide the machines to its customers through a Robotics as-a-Service solution, where Sarcos is paid monthly to service and maintain the equipment, resulting in lower capex expenses for customers.
The transaction is expecting to close in 3Q of 2021, where it will trade on the Nasdaq under the ticker symbol STRC.