Agility Robotics is set to go public via a merger with special-purpose acquisition company Churchill Capital XI (CCXI) in a deal valuing the robot maker at $2.5 billion, the companies said Wednesday.

Once the merger is complete, the new company will trade under the ticker symbol "AGLT."

The companies expect gross proceeds of over $620 million from the deal, including $420 million cash from Churchill and approximately $200 million via a private investment in public equity investment led by Apple (AAPL) contractor Foxconn, the companies said.

Shares of Churchill were up more than 15% in recent premarket trading.