Robot Company Berkshire Gray with SoftBank Investment... Merges with SPAC and Lists on NASDAQ

[Image source= Reuters Yonhap News]

[Asia Economy Reporter Byunghee Park] Berkshire Gray, a U.S. robotics technology company invested in by SoftBank, will be listed on the Nasdaq market through a merger with a Special Purpose Acquisition Company (SPAC).

According to major foreign media on the 24th (local time), Berkshire Gray announced that it merged with the 'Revolution Acceleration Acquisition Corp' (RAAC) SPAC on the same day. The merged company's valuation is estimated at $2.7 billion.

Berkshire Gray stated that it expects to secure $413 million in cash through this agreement. On the Nasdaq exchange, RAAC's stock price surged 18.8%.

Berkshire Gray, founded in 2013 by current CEO Tom Wagner, is an AI-based logistics automation system provider. It counts Walmart and FedEx among its clients, and its revenue last year was $35 million.

SoftBank Group (SBG), led by Chairman Masayoshi Son (Son Jeong-ui), and venture capital firm Khosla Ventures are among the investors in Berkshire Gray.

RAAC is a SPAC established in December last year by former U.S. House Representative John Delaney. Delaney plans to join Berkshire Gray's board as RAAC CEO.