Agility Robotics expects about $465m from its Nasdaq listing, with about $164m left in its SPAC partner's trust after redemptions

Agility Robotics and Churchill Capital Corp XI, the blank-cheque company it is merging with, said on 30 October that the deal should bring in “approximately $465 million, before transaction expenses”. The release, filed with the SEC, gives three parts:

About $164m from Churchill XI's trust account; about $201m from a common-stock PIPE, a private share sale committed at $10 per share and led by Foxconn; and $100m of equity funding Agility has already received since the deal was announced.

The trust figure is what is left after shareholders asked to redeem their shares. Shareholders who change their minds may withdraw a redemption request at any time before the vote. Humanoids Daily reports that the earlier projection was more than $620m, including about $424m in trust, assuming no redemptions.

Churchill XI's shareholders vote on 2 November. The deal is expected to close on 4 November, and the combined company's shares are expected to start trading on Nasdaq as “AGLT” on 5 November.

Agility makes Digit, a humanoid robot used in warehouses. The gap between the projection and the result shows that most of Churchill XI's public shareholders chose to take their cash back rather than hold shares in the humanoid maker.

• Confirmed Gross capital of about $465m before expenses: about $164m from trust, about $201m from a Foxconn-led PIPE at $10 a share, and $100m already received. Churchill Capital Corp XI, Form 425 exhibit 99.1
• Confirmed Shareholder vote on 2 November, closing expected on 4 November, and Nasdaq trading as AGLT from 5 November. Churchill Capital Corp XI, 8-K exhibit 99.1
• Reported Earlier projections were above $620m, including about $424m in trust with no redemptions, Humanoids Daily reports. Humanoids Daily