Overview
- iRobot entered U.S. Chapter 11 and announced a restructuring agreement to be acquired by Shenzhen Picea Robotics Co. and Santrum Hong Kong Co.
- Following completion of the transaction, the company would become privately held under Picea’s control and its shares would be delisted from Nasdaq.
- iRobot expects that existing shareholders will receive no stake in the reorganized company if the Delaware court approves the plan.
- CEO Gary Cohen said the deal is intended to strengthen the balance sheet and maintain uninterrupted service for customers, partners and retailers.
- The collapse follows intensifying competition from Chinese robot makers, tougher macro conditions and tariffs, and came after Amazon scrapped its 2024 takeover, which preceded deep job cuts.