M&A
confidence high
sentiment neutral
materiality 0.40
Newbury Street II files draft S-4 for Fort Robotics deal; FORT valued at $556.6M EV, ticker FROB
Newbury Street II Acquisition Corp
- Newbury Street II and Fort Robotics confidentially submitted a draft Form S-4 on Sept 29, 2026; combined company to be named FORT Robotics Holdings, Inc. with Nasdaq ticker FROB.
- Deal values FORT at ~$556.6M enterprise value ($500.0M pre-money equity); expected ~$201M gross proceeds including ~$31M PIPE, ~$182M net cash assuming no redemptions.
- FORT deployed >19,500 units to over 600 customers (Agility Robotics, DoorDash, Zoox, Textron, Google DeepMind); 2025 revenue grew 62% YoY at 66% gross margin, no customer >9% of revenue.
- Newbury Street II engaged Donerail Group (affiliate of then-director William Wyatt) for $350,000 cash plus up to $75,000 expenses; Sponsor to grant ~599,166 Class B founder shares at closing.
- Director William Z. Wyatt resigned Sept 29, 2026 to avoid conflict; he forfeits 40,000 founder shares to be granted to each director at closing. Director Vinciquerra gets 50% of Donerail fees.