Agility Robotics expects about $465 million from its SPAC listing after holders pull most of the trust

Agility Robotics expects about $465 million in gross proceeds before expenses from its merger with Churchill Capital Corp XI, the companies said on Oct. 30 after the SPAC's redemption deadline passed. Churchill XI shareholders vote on Nov. 2, the deal is expected to close on Nov. 4, and the combined company is due to start trading on Nasdaq as AGLT on Nov. 5.

The breakdown shows who is paying. Only about $164 million comes from Churchill XI's trust account. When the deal was announced in June, the companies counted on about $420 million from the trust, assuming no redemptions, Robotics 24/7 reported; public holders have taken back about $256 million, or 61%. The rest is a $201 million common-stock PIPE at $10 a share led by Foxconn, plus $100 million in equity Agility received after the deal was announced. That is about $301 million of private money, nearly twice what the public trust puts in, and still short of the "more than $620 million" the June terms promised at a $2.5 billion pre-money value. Existing shareholders roll their stakes in under a 180-day lock-up.

The money funds a humanoid robot that is not shipping yet. Digit 5 early-access deliveries are due in the first half of 2027 and general availability by the end of 2027, against more than $300 million in committed multi-year orders that Agility says depend on contractual milestones. Before then, its newest deals are two more GXO sites, on Digit 4, and an AGCO factory pilot due in 2027.