Summary by Moomoo AI
On February 26, 2024, Symbotic Inc. completed a significant underwritten offering of 10 million shares of Class A common stock, successfully raising approximately $197 million in net proceeds for the company. The offering was split evenly between the company and selling securityholders, with each selling 5 million shares. Symbotic Inc. intends to use the proceeds for general corporate purposes, while it did not receive any proceeds from the shares sold by the selling securityholders. The underwriting agreement for this transaction was made with Symbotic Holdings LLC and Goldman Sachs & Co. LLC, who also received a 30-day option to purchase up to an additional 1.5 million shares. The offering was conducted under an effective shelf registration statement filed on August 1, 2023, and included a base prospectus and a prospectus supplement. Legal documentation related to the offering, including the underwriting agreement and the legal opinion of Sullivan & Cromwell LLP, has been filed with the SEC and incorporated into the registration statement.