Churchill Capital XI Shareholders Approve $2.5B Agility Robotics SPAC

Agility Robotics has cleared a key hurdle in its planned IPO. Shareholders of Churchill Capital Corp XI approved the SPAC’s proposed business combination with the humanoid developer.

The approval moves Agility closer to becoming a publicly traded company. The deal remains subject to closing conditions before the combined business begins trading.

More than 84% of votes cast at a Nov. 2 special shareholder meeting supported the deal. The SPAC is expected to close on Nov. 4.

The combined company is expected to start trading on Nasdaq on Nov. 5 under ticker AGLT. Churchill Capital stock closed up nearly 14% on Nov. 2.

The transaction is expected to provide Agility with about $465 million in gross capital before expenses. The funding will support commercial expansion, customer deployments and manufacturing capacity.

Agility plans to use the proceeds to scale its Digit humanoid robot business. The capital figure is lower than the amount anticipated when the merger was announced.

The revised capital figure is down from more than $620 million in gross proceeds expected in June. After Churchill XI’s shareholder redemption deadline, the companies expect about $164 million from Churchill’s trust account.

They also expect about $201 million from a PIPE financing led by Foxconn and $100 million in equity funding Agility received after the initial SPAC announcement.