Symbotic Rises On News Of JV With SoftBank

(RTTNews) - Shares of Symbotic Inc. (SYM), an automation technology company, were up more than 9% Monday morning after Symbotic and SoftBank Group Corp. announced a new joint venture GreenBox, to offer automated warehouse services.

Symbotic also announced about $7.5 billion new customer contract with GreenBox, who will be the exclusive provider of Symbotic systems in the warehouse-as-a-service market and supply chain services.

GreenBox will order Symbotic's systems over a six-year period starting in fiscal year 2024. Symbotic expects more than $500 million in annual recurring revenue from GreenBox once all systems are operational.

SYM is at $45.36 currently. It has traded in the range of $8.75 - $53.83 in the last 52 weeks.