Fort Robotics plans $500 million SPAC deal for Nasdaq listing

Philadelphia-based robotics startup Fort Robotics Inc., backed by Mark Cuban, plans to go public via a SPAC merger with Newbury Street II Acquisition Corp. The deal values Fort Robotics at $500 million, with an expected enterprise value of $557 million under the name Fort Robotics Holdings Inc. CEO Samuel Reeves stated the SPAC route offers the speed and efficiency needed to scale its physical AI safety technology, operations, and international expansion under the Nasdaq ticker FROB.

Fort Robotics SPAC merger

• ▪The SPAC merger values Fort Robotics Inc. at $500 million, with the combined entity, Fort Robotics Holdings Inc., expected to have an enterprise value of approximately $557 million.
• ▪Philadelphia-based robotics startup Fort Robotics Inc. plans to go public through a merger with the blank-check vehicle Newbury Street II Acquisition Corp.

Mark Cuban investment backing

• ▪Mark Cuban-backed Fort Robotics Inc. develops hardware and software designed to safely control and operate autonomous robots.
• ▪Fort Robotics Inc. is a Philadelphia-based robotics startup that has received investment backing from billionaire investor Mark Cuban.

SPAC speed efficiency rationale

• ▪Fort Robotics Inc. CEO Samuel Reeves stated that the decision to pursue a SPAC merger over a traditional IPO was driven by the need for speed and efficiency.
• ▪According to CEO Samuel Reeves, the speed of the SPAC transaction will allow Fort Robotics Inc. to quickly scale its technology, operations, and go-to-market strategy.

Physical AI safety technology

• ▪Fort Robotics Inc. develops safety-focused hardware and software to enable the secure operation of autonomous robotic systems.
• ▪Fort Robotics Inc. aims for the merged entity to become the first publicly traded company dedicated principally to the safe and scalable deployment of physical AI.

Nasdaq listing ticker FROB

• ▪Fort Robotics Inc. expects to trade on the Nasdaq stock exchange under the ticker symbol FROB following the completion of its SPAC merger.
• ▪Fort Robotics Inc. plans to list its shares on the Nasdaq stock exchange as part of its transition to a public company.

International expansion plans

• ▪Fort Robotics Inc. plans to pursue international expansion as a key component of its growth strategy following its public listing.
• ▪CEO Samuel Reeves stated that the SPAC merger will provide the necessary acceleration to scale Fort Robotics Inc.'s international expansion and global operations.

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