HomeEquities ScoreHere is why Rotor Acquisition Corp. (ROT) stock surged on Thursday?

Here is why Rotor Acquisition Corp. (ROT) stock surged on Thursday?

Rotor Acquisition Corp. (ROT) shares gained 2.52% in after-hours on Thursday, September 16, 2021, and closed the daily trading at $11.40. Even in the regular trading session of Thursday, ROT’s stock soared11.20%. The stock volume was 0.48 million shares. ROT shares have moved up 11.42% in the past week. Over the past three months, the stock has gained 11.76%, while over the past six months, it has surged 14.52%. The company has a current market of $385.53 million and its outstanding shares stood at 34.50 million.

Let’s have a brief discussion about its recent developments.


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ROT merger approval

On September 16, 2021, Rotor Acquisition Corp (ROT) shareholders voted to approve the business combination with Sarcos Robotics.

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Rotor will change its name to Sarcos Technology and Robotics Corporation. The common stock and warrants are expected to commence trading on the Nasdaq on September 27, 2021, under the ticker symbols STRC and STRCW. Sarcos Chairman and Chief Executive Officer Ben Wolff will lead the new board of directors.

Update about ROT Guardian® HLS Heavy-Lift System

On September 01, 2021, Sarcos Defense, which is a wholly-owned subsidiary of Sarcos Robotics announced that several U.S. government agencies have purchased the Guardian® HLS Heavy-Lift System. The Guardian HLS system is a first-of-its-kind, easily packable, a pneumatic heavy-lift system designed to quickly and efficiently lift objects weighing up to 45,000 pounds for asset recovery and emergency response missions in the field.

Testing of Guardian® XT™ Industrial Robotic Avatar System

On August 26, 2021, Sarcos Robotics successfully completed its first product demonstrations of real-world use cases in the field using the company’s Guardian® XT highly dexterous mobile robotic system. These field demonstrations were conducted both in the Pacific Northwest and in the Southern regions of the United States.

ROT closed IPO

On January 20, 2021, Rotor Acquisition Corp (ROT) closed its upsized initial public offering of 27,600,000 units, including the full 3,600,000 units subject to the underwriters’ over-allotment option, at $10.00 per unit, generating total proceeds of $276,000,000.

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Conclusion

The recent business combination approved by the shareholders was the reason behind its good performance on Thursday. we have to wait and see how the new company start performing from September 27, 2021.

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