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FORT Robotics and Newbury Street II Acquisition Corp (Nasdaq: NTWO) signed a definitive business combination agreement that will take FORT public as FORT Robotics Holdings, expected to trade on Nasdaq under ticker FROB, at a pro forma enterprise value of $556.6 million (pre-money equity value $500 million).
The transaction is expected to provide approximately $201 million in gross proceeds, including over $31 million of PIPE and NRA commitments from institutional investors such as Tiger Global, Prologis Ventures and Mark Cuban, and about $182 million in net cash to the balance sheet, assuming no redemptions. According to FORT, 2025 revenue grew 62% year-over-year, with 66–70% gross margins and 91% growth in mature enterprise accounts, serving 600+ customers across 19,500+ deployed units. Existing FORT shareholders will roll 100% of their equity and are expected to own roughly 67% of the combined company at closing, targeted for Q4 2026, subject to approvals.