iRobot entered into RSA to be acquired by Picea

iRobot (IRBT) Corporation announced that it entered into a Restructuring Support Agreement, RSA, with its secured lender and its primary contract manufacturer, Shenzhen PICEA Robotics and Santrum Hong Kong, collectively Picea, for Picea to acquire iRobot through a court-supervised process. Under the terms of the RSA, Picea will receive 100% of the equity interests in the Company, which will delever the Company’s balance sheet and enable iRobot to continue operating in the ordinary course, pursue its product development roadmap, and maintain its global footprint. “The transaction contemplated under the RSA provides a path forward to enhance financial stability, reduce debt, and support continued innovation across iRobot’s leading portfolio of robotics and smart home devices,” the company said.