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Vicarious Surgical To Go Public In Business Combination Deal With D8 Holdings

Vicarious Surgical Inc., a next-generation robotics technology company, announced Thursday that it has entered into a definitive business combination agreement with D8 Holdings Corp. (DEH), a special purpose acquisition company.

Following the deal closure, the combined company will operate as Vicarious Surgical Inc. and will be listed on the New York Stock Exchange under the new ticker symbol "RBOT". The transaction values the combined company at an enterprise value of approximately $1.1 billion.

The transaction is expected to deliver up to $460 million of gross proceeds, including up to $345 million of cash held in D8's trust account. The transaction is further supported by a $115 million private placement of common stock or PIPE, priced at $10.00 per share, including investment by medical technology company Becton, Dickinson and Company (BDX). The new institutional investors and existing investors include Bill Gates, Vinod Khosla's Khosla Ventures, Eric Schmidt's Innovation Endeavors, and Philip Liang's E15 VC.

Assuming no redemptions, the company is projected to have more than $425 million in cash on the balance sheet after closing. and implies approximately 3.1x 2025 estimated revenue of $355 million.

Current Vicarious Surgical Inc. equity holders will own approximately 64.7%, D8 Holdings Corp. equity holders will own approximately 22.3%, D8's sponsor will own approximately 5.6% and PIPE investors will own approximately 7.4% of the combined company.

The transaction, which was unanimously approved by the boards of directors of both Vicarious Surgical and D8, is subject to approval by D8's shareholders and other customary closing conditions. The transaction is expected to close in the third quarter of 2021.

Vicarious Surgical was founded in 2014 by roboticists Adam Sachs, Co-Founder & Chief Executive Officer, Sam Khalifa, Co-Founder & Chief Technology Officer, and Co-Founder & Chief Medical Officer, Barry Greene.

Vicarious Surgical's management team will continue to lead the combined company following the transaction. Vicarious Surgical's Executive Chairman, David Styka, will serve as Chairman of the combined company's Board of Directors.

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