Symbotic Announces Pricing of Primary and Secondary Offering of Class A Common Stock

WILMINGTON, Mass., Feb. 21, 2024 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced the pricing of its previously announced underwritten public offering (the “Offering”) of 10,000,000 shares of its Class A common stock by the Company and certain trusts for the benefit of, and entities controlled by, Richard Cohen, the Company’s founder, chairman and chief executive officer, or members of his family (the “Selling Securityholders”). In the offering, 5,000,000 shares of Class A common stock are being sold by the Company and 5,000,000 shares of Class A common stock are being sold by the Selling Securityholders, each at a public offering price of $40.50 per share. In addition, Symbotic has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of its Class A common stock at the public offering price, less underwriting discounts and commissions.

Symbotic currently intends to use the net proceeds from the Offering for general corporate purposes. The Selling Securityholders will receive all the net proceeds from the sale of shares of Class A common stock sold by them in the Offering. The Offering is expected to close on February 26, 2024, subject to customary closing conditions.

Goldman Sachs & Co. LLC is acting as sole book-running manager of the Offering.

The Offering is being made only by means of a prospectus supplement and the accompanying prospectus, copies of which, when available, may be obtained from the offices of Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, attention: Prospectus Department, by telephone at [phone] or by email at [e-mail].

The shares of Symbotic’s Class A common stock will be issued pursuant to an effective shelf registration statement on Form S-3. Before investing in the Offering, interested parties should read the prospectus and related prospectus supplement for the Offering, the documents incorporated by reference therein and the other documents Symbotic has filed with the U.S. Securities and Exchange Commission (“SEC”). These documents may be obtained for free by visiting the SEC’s website at www.sec.gov.

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such state or jurisdiction.