Symbotic rises after investor-backed stock offering
22/02/2024 14:14
** Shares of warehouse automation firm Symbotic Inc SYM.O
rise 2.9% premarket to $42.08 after overnight equity offering
priced
** Co late Weds announced 10 mln shares, including 5 mln
shares sold by its chairman and CEO, at $40.50 vs stock's $40.89
close with Goldman Sachs as sole bookrunner
** Edinburgh, Scotland-based Baillie Gifford indicated
interest to buy $300 mln worth of shares, roughly 75% of the
offering, per the SEC prospectus filing
** Investment manager Baillie Gifford does not currently own
SYM shares, per LSEG data
** Symbotic to use net offering proceeds it receives for
general purposes
** SYM tumbled nearly 24% on Feb 6 after it forecast Q2 adj
EBITDA of $12-$15 mln, ~50% below consensus
** Shares off 20% YTD through Weds close, but up ~140% over
the past 12 months
** Symbotic debuted in June 2022 after Walmart-backed
WMT.N firm merged with SoftBank 9984.T -sponsored SPAC
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))