Sarcos Technology and Robotics Corporation’s $100 Million Acquisition of RE2, Inc.

Blank Rome advised RE2, Inc. on the deal.

RE2, Inc., a developer of autonomous and teleoperated mobile robotic systems for use in the aviation, construction, defense, energy, and medical industries, announced its sale to Sarcos Technology and Robotics Corporation (NASDAQ: STRC and STRCW), a leader in industrial robotic systems that augment human performance by combining human intelligence, instinct, and judgment with the strength, endurance, and precision of machines to enhance employee safety and productivity, enable remote operations and reduce operational costs. The transaction closed on April 25, 2022.

Total consideration for the transaction was $100 million, consisting of $30 million in cash and 14 million shares of Sarcos common stock that were either newly issued or underlie assumed options. The stock component represents dilution to Sarcos stockholders of approximately 5.7% based on a fully diluted share count of approximately 231 million shares (which assumes the exercise of all outstanding warrants and includes all shares available for issuance under our equity plans).

The Blank Rome team and was led by James Barnes (Picture) and Naomi Gallimore, with significant support from Merle DeLancey, Michael Kadlec, Joseph Gulant, Karen H. Shin, and Carol Buckalew.

Involved fees earner: James Barnes – Blank Rome LLP; Merle DeLancey Jr. – Blank Rome LLP; Naomi Gallimore – Blank Rome LLP; Joseph Gulant – Blank Rome LLP; Michael Kadlec – Blank Rome LLP; Karen Shin – Blank Rome LLP;

Law Firms: Blank Rome LLP;

Clients: RE2, Inc.;

Martina Bellini

Author: Martina Bellini