Sarcos closes $100M acquisition of RE2; adds robotic products and appoints COO

Palladyne AI Corp.

Total consideration $100M ($30M cash + ~14M shares); dilutes existing holders by ~5.7%.
Acquires RE2's Sapien arms, Detect vision, Intellect autonomy; adds aviation, construction, medical markets.
Jorgen Pederson, RE2 founder, appointed COO; receives $325k base salary and $3M RSUs.
Bylaws amended to allow earlier release of 80% lock-up on restricted shares upon sale of 20 commercial units or by Sep 2023.
Deal nearly doubles engineering team and adds Pittsburgh location; expects earlier revenue from Sapien products.

item 3.02 item 8.01 item 3.03 item 5.02 item 5.03 item 9.01

Executive movements

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Appointed

Jorgen Pederson

Chief Operating Officer

PDYN · Palladyne AI Corp.

Effective: 2022-04-25
Filed: April 27, 2022, 7:59 PM ET

On April 22, 2022 our board of directors approved the appointment of Jorgen Pederson as Chief Operating Officer, effective upon the second merger described in Item 8.01 below in connection with the closing of the acquisition of RE2, Inc. (“RE2”), which occurred on April 25, 2022.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Jorgen Pederson was appointed as Chief Operating Officer at Palladyne AI Corp..

Action: appointed
Role: Chief Operating Officer

Exact text from the filing

On April 22, 2022 our board of directors approved the appointment of Jorgen Pederson as Chief Operating Officer, effective upon the second merger described in Item 8.01 below in connection with the closing of the acquisition of RE2, Inc. (“RE2”), which occurred on April 25, 2022.

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Palladyne AI Corp. filing history →

Source: SEC EDGAR

accession 0001564590-22-016149

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