Symbotic tumbles on $550 mln stock offering as SoftBank slices stake

Symbotic

05/12/2025 12:52

** Shares of robotics vendor Symbotic SYM.O down 5% before the bell at $57.45 after $550 mln follow-on priced

    ** Wilmington, Massachusetts-based SYM late Thurs announced 10 mln shares at $55, a 9.1% discount to last sale

    ** Co sold

      6.5 mln shares and SoftBank 9984.T affiliate SVF Sponsor III offloaded 3.5 mln shares

    ** SYM shares tumbled 17.4% to $60.48 on Thurs after co commenced the offering late Weds

    ** SYM to use net offering proceeds it receives for general purposes

    ** Goldman Sachs and Citigroup are lead bookrunners

    ** Prior to offering, Japan's SoftBank and its affiliates owned roughly 49 mln of SYM's approx 594 mln total shares outstanding, per the SEC filing

    ** SYM went public in 2022 after the Walmart WMT.N-backed firm merged with the SoftBank-sponsored SPAC, SVF Sponsor III

    ** On Nov 25, SYM shares soared 39% to close at $77.29, the day after co reported Q4 rev grew ~7% yr/yr to $618.5 mln, topping Wall Street consensus

    ** Through Thurs close, SYM shares up 155% YTD

    ** Avg rating among 20 analysts is "hold" and median PT is $60.50, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))