US-based Agility plans to raise $465 million through merger

en.Wedoany.com Reported - On October 30, US humanoid robot manufacturer Agility Robotics and special purpose acquisition company Churchill Capital Corp XI confirmed that their proposed merger and accompanying financing are expected to raise approximately $465 million, on a gross basis before transaction expenses. The financing arrangement includes approximately $164 million in trust account funds, $201 million in private investment in public equity (PIPE) commitments, and $100 million in equity funding previously received. The parties expect to complete the transaction on November 4, followed by a listing on Nasdaq.

The $201 million PIPE investment is led by Foxconn, with participation from existing and new institutional investors, at a subscription price of $10 per share. Churchill XI's trust account is expected to provide approximately $164 million, and the $100 million in equity financing obtained after the merger announcement has already been received.

Churchill XI plans to hold an extraordinary general meeting on November 2 to vote on the business combination and related proposals. Upon completion of the transaction, the combined company will continue to operate under the name Agility Robotics, with its shares expected to trade on Nasdaq under the ticker symbol AGLT starting November 5. Existing Agility shareholders will transfer their equity into the combined company and will be subject to a 180-day post-closing lock-up arrangement.

Agility plans to use the proceeds to expand commercial deployment and production capacity for its humanoid robots. On October 26, the company confirmed an expanded partnership with GXO Logistics to deploy Digit robots at two additional logistics facilities in the United States, and reached an agreement with agricultural machinery manufacturer AGCO Corporation to launch a manufacturing robot pilot at its Hesston, Kansas plant in 2027.

The company currently has more than 30 potential customers across industries including manufacturing, automotive, aerospace, defense, logistics, and consumer goods. Previously announced multi-year customer order commitments for Digit 5 exceed $300 million, with related revenue to be recognized progressively based on product delivery and contract execution milestones.

The Digit 5 humanoid robot was unveiled on September 15, with deliveries to early customers planned to begin in the first half of 2027 and general commercial availability expected by the end of 2027. The company will expand industrial site deployments in line with its next-generation product delivery plans, and the final funding amount remains subject to the actual closing results of the merger transaction.