Symbotic falls on delayed annual filing, lowered Q1 revenue forecast
Updates
** Shares of robotics vendor Symbotic SYM.O fall 35.3% to $24.44
** SYM says it is unable to file annual report on form 10-K for fiscal year ended Sept. 28 before the due date
** Says it requires more time to assess financial impacts of correcting error related to system revenue recognition and error in internal controls over financial reporting
** Co says it has identified certain material weakness in internal control over financial reporting for FY ended Sept. 28 and is implementing measures to remediate the issue
** SYM also revises its Q1 revenue forecast to the range of $480 mln to $500 mln vs prior expectation of $495 mln to $515 mln
** SYM went public in June 2022 after the Walmart-backed WMT.N firm merged with SPAC sponsored by Japan's SoftBank 9984.T
** SYM, whose shares have fallen 27% YTD, is on track to lose about $7.59 billion from market value of $21.91 billion, if losses hold
Reporting by Priyanka.G in Bengaluru
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