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Churchill Capital XI shareholders approve $2.5B Agility Robotics humanoid SPAC

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Churchill Capital XI shareholders approve $2.5B Agility Robotics humanoid SPAC

Digit 5 includes redesigned legs and new batteries for commercial use. Source: Agility Robotics

Agility Robotics has cleared a major hurdle in its planned initial public offering (IPO). Shareholders of Churchill Capital Corp XI approved the special purpose acquisition company’s (SPAC) proposed business combination with the humanoid developer, moving Agility closer to becoming a publicly-traded company.

More than 84% of votes cast at a special shareholder meeting on Nov. 2 supported the deal. The SPAC is expected to close on Nov. 4. The combined company is expected to begin trading on the Nasdaq on Nov. 5 under the ticker symbol AGLT. Churchill Capital stock finished up nearly 14% on Nov. 2. 

The transaction is expected to provide Agility with approximately $465 million in gross capital before expenses. That funding will support commercial expansion, customer deployments and manufacturing capacity as the company looks to scale its Digit humanoid robot business.

The revised capital figure reflects a reduction from the more than $620 million in gross proceeds anticipated when the merger was announced in June. Following the expiration of Churchill XI’s shareholder redemption deadline, the companies now expect approximately $164 million from Churchill’s trust account, approximately $201 million from a private investment in public equity (PIPE) financing led by Foxconn, and $100 million in equity funding Agility received following the initial SPAC announcement.

5 billion pre-money equity value. Existing Agility shareholders will roll their equity into the combined company rather than receive cash in the transaction.



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