Symbotic forms GreenBox JV with SoftBank (65/35); $7.5B contract, warrants and secondary share sale

Symbotic Inc.

GreenBox JV: SoftBank 65%, Symbotic 35%; initial $100M capital funded pro rata.
$7.5B commercial agreement for Symbotic systems over 6 years starting FY2024; expect >$500M annual recurring revenue once fully operational.
Symbotic issues warrants to SoftBank for up to 2% fully diluted shares (11.4M shares) at $41.97 VWAP; vesting linked to installments.
SoftBank purchases 17.8M shares from CEO Rick Cohen at $28.05 per share; secondary sale, no dilution to Symbotic.
Standstill agreement for SoftBank until earlier of 4 years or <5% ownership; board observer rights if no SoftBank employee on board.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Symbotic Inc. entered into Commercial Agreement with Symbotic LLC and GreenBox valued at $7,500,000,000 (effective 2023-07-23).

Action: entry
Agreement: supply
Counterparty: Symbotic LLC and GreenBox
Value: $7,500,000,000
Effective: 2023-07-23

Exact text from the filing

the Commercial Agreement provides for a commitment from GreenBox to expend at least $7,500,000,000 in the aggregate to purchase Symbotic systems over a six-year period

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Symbotic Inc. entered into LLC Agreement with Symbotic Holdings, Sunlight and GreenBox (effective 2023-07-23).

Action: entry
Counterparty: Symbotic Holdings, Sunlight and GreenBox
Effective: 2023-07-23

Exact text from the filing

On July 23, 2023, as contemplated by the Framework Agreement, Symbotic Holdings, Sunlight and GreenBox entered into the LLC Agreement to set forth their interests, rights and obligations relating to GreenBox, the management and operation of GreenBox and the economic arrangement among the parties relating to GreenBox.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Symbotic Inc. entered into Framework Agreement with SVF valued at $500 million.

Action: entry
Agreement: equity purchase
Counterparty: SVF
Value: $500 million

Exact text from the filing

the RC Entities will sell 17,825,312 shares of Class A Common Stock of the Company to SVF for an aggregate of $500 million

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281 material agreements filed in the last 30 days. Browse all material agreements →

Symbotic Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-191837

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