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<ul class="summary-list"><ul class="summary-list"><li><keyword id="11056453" type="UNKNOWN" weightage="60" keywordseo="sarcos-robotics">Sarcos Robotics</keyword> announced it will go public through a merger with Rotor Acquisition.</li><li>Both companies are eyeing a valuation of $1.3 billion.</li><li>The transaction is expected to close in the third quarter of 2021.</li></ul></ul>Sarcos Robotics announced it will go public through a merger with a blank-check company Rotor Acquisition that will value the combined company at $1.3 billion, in a <a href="https://www.sarcos.com/press-releases/sarcos-robotics-to-merge-with-rotor-acquisition-corp/">statement released Tuesday</a>.The special purpose acquisition company, or <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword>, is helmed by Brian Finn, the former CEO of <keyword id="48085" type="CITY" weightage="60" keywordseo="Credit-Suisse">Credit Suisse</keyword> USA.The deal will include a potential earnout of an additional $281 million based on the performance of the merger.Upon completion, the merger is expected to give the Salt Lake City-based robot developer around $496 million in cash including a $220 million private investment in public equity, or PIPE, from BlackRock, Millennium Management, Palantir Technologies Inc, Sarcos chairman and CEO Ben Wolff, and founders of Rotor Acquisition.The transaction is expected to close in the third quarter of 2021. The combined companies will be named Sarcos Technologies and Robotics Corporation, and will trade under the Nasdaq ticker "STRC."Sarcos develops robotics that helps employees in physically demanding workplaces lift heavy objects to prevent injuries. It is backed by Caterpillar Venture Capital, Delta Air Lines, GE Ventures, Microsoft, and Schlumberger.SPACs, shell companies seeking to merge with private companies with the intention of taking them public, have boomed over the last year.In 2020, a total of 248 SPACs raised $83.3 billion according to <a href="https://www.spacanalytics.com/" target="_blank" rel="noopener">SPAC Analytics</a>. But in the first three months of 2021 alone, data already shows 298 SPACs raised $96.8 billion, comprising 70% of initial public offerings.

Sarcos Robotics eyes $1.3 billion valuation in merger with SPAC backed by ex Credit Suisse exec

Hello, and welcome to the Wednesday edition of the Insider Tech newsletter, where we break down the biggest news in tech.<a href="http://newsletter.businessinsider.com/join/4np/trending">If you're not already subscribed, click here to get Insider Tech in your inbox every week. </a><h2>This week: A tell-tale week for the tech selloff</h2>The stock market's collective conviction that tech is a safe harbor amid the turmoil of the pandemic has been shaken. After defying gravity for a long time, <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-index-reaction-tech-slump-china-tensions-2020-9-1029569912">tech stocks are suddenly losing altitude</a>: <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword> lost <a href="https://www.businessinsider.com/apple-2-trillion-company-market-value-stock-powerful-iphone-ecosystem-2020-8">its $2 trillion valuation</a> (perhaps only temporarily), and <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword>'s decoupled king and queen — <a href="https://www.businessinsider.com/mackenzie-scott-worlds-richest-woman-2020-9">Jeff Bezos and MacKenzie Scott</a> — each suffered <a href="https://www.businessinsider.com/elon-musk-jeff-bezos-bill-gates-zuckerberg-net-worths-lose-billions-2020-9">multi-billion dollar declines</a> in their net worths.Are we looking at the start of another dotcom-like debacle for tech, or just an unsettling burp as the tech industry continues to swallow the world? The coming days and weeks will be telling — especially given what's on the calendar:<a href="https://www.businessinsider.com/apple-iphone-12-release-date-revealed-at-september-event-2020-9">Apple's big fall season product launch is happening</a>, virtually, on Thursday. There's some debate among Apple-watchers as to whether the new iPhone will be part of the show or reserved for a separate yet-to-be-announced October event.<ul><li>Still... no one doubts the arrival of <a href="https://www.businessinsider.com/apple-iphone-12-release-date-new-apple-watch-september-event-2020-9">a new iPhone with 5G wireless specs</a>. The real question is whether or not the 5G iPhone delivers the <a href="https://markets.businessinsider.com/news/stocks/apple-stock-price-upside-5g-supercycle-wedbush-bull-target-2020-8-1029536606#">long-awaited sales "supercycle"</a> that much of Apple's stock rally is based on.</li></ul><a href="https://www.businessinsider.com/palantir-direct-listing-s-1-prospectus-revealed-ahead-public-trading-2020-8">Palantir's direct listing is quickly approaching</a>. The Big Data company's executives will emerge from their bunker of secrecy on Wednesday to give a public sales pitch about the business to analysts and potential investors.<ul><li>Not surprisingly: the password to log in to the livestream <a href="https://www.businessinsider.com/what-palantir-name-means-lord-of-the-rings-peter-thiel-2020-7">is a J.R.R. Tolkien reference</a>: notallwhowanderarelost.</li><li>Somewhat more surprisingly: <keyword id="1058282" type="PERSON" weightage="60" keywordseo="Palantir">Palantir</keyword> cofounder and director <a href="https://www.businessinsider.com/peter-thiel-facebook-trump-biography-2018-2">Peter Thiel</a> is not on the roster of listed speakers (though he may appear during the Q&amp;A). While Thiel does not have an operational role in the company, the company's special voting shares give <a href="https://www.businessinsider.com/palantir-multi-class-stock-structure-leaves-founders-in-control-2020-8">him and the other founders outsize control</a> of Palantir. </li><li>Wednesday's analyst day presentation was pulled forward by one week from the <a href="https://www.businessinsider.com/palantir-said-to-ready-s1-filing-as-soon-as-monday-2020-8">initially planned date of September 15</a> suggesting that the direct listing could go down as soon as next week. But if the tech selloff continues, the date of Palantir's market debut could easily be postponed. After all, <a href="https://www.businessinsider.com/palantir-ice-explainer-data-startup-2019-7">Palantir (founded in 2003) </a>has waited 17 years.</li><li>Bonus: <a href="https://www.businessinsider.com/palantir-salaries-revealed-for-engineers-product-designers-2020-9">Here's an exclusive look at Palantir salaries</a>, based on an analysis by Business Insider.</li></ul><h2><a href="https://www.businessinsider.com/airbnb-ceo-brian-chesky-pandemic-challenges-resiliency-ipo-interview-2020-9">Sound bite of the week:</a></h2>"Nothing you're going to experience as a public-company CEO will rival running a travel company that lost 80% of its revenue in eight weeks and had to manage the crisis over Zoom."— <keyword id="719382" type="COMPANY" weightage="60" keywordseo="Airbnb">Airbnb</keyword> CEO Brian Chesky <a href="https://www.businessinsider.com/airbnb-ceo-brian-chesky-pandemic-challenges-resiliency-ipo-interview-2020-9">discussing the feedback he received</a> from fellow executives as he pondered whether it made sense <a href="https://www.businessinsider.com/airbnb-confidentially-filed-for-an-initial-public-offering-2020-8">to go public</a> in the current environment.<a href="https://www.businessinsider.com/airbnb-ceo-brian-chesky-pandemic-challenges-resiliency-ipo-interview-2020-9"><div type="image" title="Brian Chesky Airbnb CEO" height="2000" width="3000" msid="78021602" hostid="261"></div></a><h2>Snapshot: <a href="https://www.businessinsider.com/sarcos-robotics-raised-40-million-for-guardian-xo-exoskeleton-2020-9">Slip into something more comfortable, like say, an exoskeleton.</a></h2>This guy might look a bit weird. But what does he care? He can hoist 200 pounds off the ground with the ease of lifting a pencil. That's thanks to this "exoskeleton," <a href="https://www.businessinsider.com/sarcos-robotics-raised-40-million-for-guardian-xo-exoskeleton-2020-9">a full-bodied wearable robot that developer Sarcos</a> says endows workers with "superhuman" strength and endurance as they clomp through a factory, and oil field or an army base.Sarcos just raised $40 million in a Series C funding round that it will use to bring its Guardian XO product to market in 2021 (it's available for pre-order now, though there's no price listed).The industrial benefits of the Guardian exoskeleton could be significant. But personally, I'm more excited about the potential for new robo-sports, like cage fights between this thing and <a href="https://www.businessinsider.com/boston-dynamics-spot-robot-is-getting-a-robot-arm-2020-6">the Boston Dynamics robot dog.</a><a href="https://www.businessinsider.com/sarcos-robotics-raised-40-million-for-guardian-xo-exoskeleton-2020-9"><div type="image" title="Guardian XO" height="1378" width="1836" msid="78021606" hostid="261"></div></a><h2>Recommended Readings:</h2><a href="https://www.businessinsider.com/newly-employees-tips-job-seeking-pandemic-zoom-slack-ibm-sap-2020-9">4 new hires at Zoom, Slack, IBM, and SAP talk about the 'rollercoaster of emotions' that came with getting a new job in the middle of a pandemic — and all their advice for anyone on the hunt</a><a href="https://www.businessinsider.com/as-google-resumes-performance-reviews-some-employees-are-anxious-2020-9">Google has resumed performance reviews, but some employees are anxious that the new, longer 12-month cycle will hurt their chances to get promotions</a><a href="https://www.businessinsider.com/amazon-vp-departure-highlights-unique-employees-compensation-structure-2020-9">Amazon's robotics boss pushed for more pay before his sudden departure, as startups look to poach execs frustrated with its compensation structure</a><a href="https://www.businessinsider.com/pinterest-abandoning-a-san-francisco-project-doesnt-start-a-trend-2020-9">Pinterest abandoned plans for a big new office project in San Francisco, but experts say staying in the city has several major advantages</a><a href="https://www.businessinsider.com/coronavirus-12-founder-tips-fundraising-remotely-2020-9">We asked 12 founders who raised nearly $200 million during COVID-19 for their tips on wooing investors during a crisis</a><h2>Not necessarily in tech:</h2><a href="https://www.businessinsider.com/underground-nanny-economy-racism-exploitation-amplified-by-pandemic-2020-8">Inside the underground nanny economy, where many women of color have few ways to fight workplace abuses and low wages, all made worse by the pandemic</a>That's it for this week. Thanks for reading, and if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/trending">tell your friends and colleagues they can sign up here to receive it</a>. — Alexei

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Sarcos Robotics eyes $1.3 billion valuation in merger with SPAC backed by ex Credit Suisse exec

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A tell-tale week for tech's selloff as traders lose faith

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