Symbotic Soars 38% After Walmart Discloses 62.2% Stake
(RTTNews) - Shares in Symbotic, Inc. (SYM) are skyrocketing more than 38 percent in premarket trading on Tuesday after retail giant Walmart (WMT) revealed a 62.2 percent stake in the A.I.-powered supply chain technology company.
In a Schedule 13D filing with the U.S. Securities and Exchange Commission, Walmart said it has acquired 58.8 million shares in Symbotic.
Walmart has an ongoing commercial agreement with Symbotic to its robotics and software automation platform in all 42 of Walmart's regional distribution centers over the coming years.
Symbotic went public in a business combination with a special purpose acquisition company or SPAC two weeks ago.
Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.