Event

FORT Robotics Secures Approximately $20 Million in New Investment Commitments

2 reports · 2 sources

FORT Robotics announced approximately $20 million in new investment commitments from existing investors to support the company's next phase of growth. FORT said the financing round is expected to close this week, led by Tiger Global with approximately $10 million, with participation from Mark Cuban Companies. Tiger Global said that in addition to the aforementioned lead investment, it has separately committed an additional $10 million to the previously announced common stock PIPE; the PIPE is expected to close concurrently with FORT's proposed business combination with Newbury Street II Acquisition Corp. The two commitments are independent of each other, and the additional $10 million is not counted toward the approximately $20 million financing round. Subsequent reports said that following completion of the business combination, the combined company will be renamed Fort Robotics Holdings and is expected to list on Nasdaq under the new ticker symbol "FROB," subject to regulatory approval.