Agility’s shareholders voted the listing through. The shares are still not trading

Churchill Capital Corp XI said on 2 November that its shareholders have approved the combination with Agility Robotics and the related proposals. More than 84 per cent of the votes cast were in favour. The meeting is the one this desk filed when the papers became effective: a vote on 2 November, then a closing, then a ticker. The vote has now happened. The closing has not.

The cash is smaller than the figure in that earlier note. Agility then said the deal could bring in more than $620 million if public shareholders did not take their money out, of which about $424 million was the trust. The company now says, pointing back to its 30 October announcement, that gross capital is expected to be about $465 million before expenses. About $164 million of that is what it expects from the trust. About $201 million is a sale of stock at $10 a share, led by Foxconn, with existing Agility holders and new institutions. A further $100 million of equity, it says, has already been received since the combination was announced. The Robot Report reads the cut from more than $620 million to about $465 million as the result of redemptions. A vote in favour does not put the redeemed cash back.

A ticker for Thursday is not a ticker tonight

The company expects the transaction and the related financing to close on 4 November, subject to the remaining conditions. After that it expects the common stock to trade on Nasdaq as AGLT, and the warrants as AGLTW, from 5 November. On the strength of the vote, Churchill is to move its incorporation from the Cayman Islands to Delaware, and the continuing company is to be renamed Agility Robotics, Inc. “Will,” in a release dated the day of the meeting, is still a step. Until the close is announced, AGLT is a symbol with a date on it.

What Agility says the listing is for is commercial expansion and faster deployments. It says that, on closing, it expects to be the only US-listed pure-play humanoid company with commercial deployments already running. That sentence is the company’s, and it is written in the future. The same release says Digit has more than 65,000 hours of real-world operation. Hours in a press release are not a published log, and they are not a count of robots on a named floor this week. The Digit 5 orders this desk has already filed, more than $300 million and still subject to milestones, are not restated as deliveries by a shareholder vote. The vote funds a plan. It does not complete it, and it does not open the market.