BUZZ-Symbotic tumbles as SoftBank to trim stake in share offering

Reuters
12/04
BUZZ-Symbotic tumbles as SoftBank to trim stake in share offering

** Shares of robotics vendor Symbotic SYM.O down 13.4% in extended trading to $63.40 after equity offering news

** Wilmington, Massachusetts-based SYM commences 10 mln share offering; SYM to sell 6.5 mln shares, while SoftBank 9984.T affiliate to part ways with 3.5 mln shares

** SYM to use net offering proceeds for general purposes

** Goldman Sachs and Citigroup are lead bookrunners, joined by TD Secs

** Japan's SoftBank and its affiliates own roughly 49 mln of SYM's approx 592 mln total shares outstanding, per the SEC filing

** Walmart WMT.N holds 15 mln shares, per LSEG data

** SYM's stock on Weds closed up 9.4% at $73.22. It has more than tripled YTD

** SYM went public in 2022 after the WMT-backed firm merged with SoftBank-sponsored SPAC

** Of 20 analysts covering SYM, recommendation breakdown is 8 "strong buy" or "buy", 9 "hold" and 3 "sell" ratings: median PT is $60.50 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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