Agility Robotics is two days from the public markets. Churchill Capital Corp XI shareholders approved the SPAC's business combination with the Digit humanoid maker at a special meeting on Nov. 2. The Robot Report says more than 84% of votes cast supported the deal.
The timetable
The transaction and its PIPE financing are expected to close on Nov. 4, subject to closing conditions. The combined company will be named Agility Robotics, Inc., reincorporated in Delaware, and its shares and warrants are expected to begin trading on Nasdaq on Nov. 5 as AGLT and AGLTW.
The money
- About $465 million gross, before expenses, made up of about $164 million from Churchill XI's trust, about $201 million from a common stock PIPE at $10 a share led by Foxconn, and $100 million in equity funding Agility has already received.
- Smaller than planned: The Robot Report notes the merger was announced in June with more than $620 million in expected gross proceeds; redemptions cut the trust contribution.
- Valuation: the original deal valued Agility at $2.5 billion pre-money. Churchill stock finished up nearly 14% on Nov. 2.
The business
Digit is operating in nine customer environments, according to The Robot Report, including GXO Logistics sites; GXO is expanding to two more facilities from early 2027. AGCO plans to pilot Digit in Hesston, Kansas, from 2027. Agility claims more than $300 million in committed multi-year orders for Digit 5, which The Robot Report cautions is not current revenue. Agility says it will be the only US-listed pure-play humanoid company with active commercial deployments, a claim that will invite comparison with Tesla's Optimus programme.
