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Illustration: Sarah Grillo/Axios

Sarcos Robotics, a Salt Lake City-based developer of robotic exoskeletons, agreed to go public at a $1.3 billion implied valuation via acquisition by Rotor Acquisition (NYSE: ROT), a SPAC led by Wall Street vet Brian Finn.

Why it matters: Expect this one to get some special scrutiny from the SEC. Finn's venture capital firm, Rotor Capital, last year led a Series C investment in Sarcos and also participated in a CES product unveiling. And Finn seems aware of the potential pitfalls, mentioning the existing relationship early in today's investor presentation.

Details: The deal includes a $220 million PIPE from investors like BlackRock, Palantir Technologies, Millennium Management, Caterpillar, Schlumberger and JAWS Estates Capital. Sarcos also could secure up to $281 million in earnouts.

The bottom line: "Sarcos develops robotic systems for non-repetitive tasks that are designed to increase productivity among industrial and military workers. Its wearable devices help people move heavy objects with mechanical limbs and support, reducing workplace injuries and allowing employees less capable of strenuous labor to carry out tasks such as lifting airport baggage and manufacturing components without assistance." — Crystal Tse, Bloomberg

Go deeper

Republicans threaten to shut down government over vaccine mandates

Sen. Mike Lee (R-Utah) in the Capitol in November 2020. Photo: Joshua Roberts/Getty Images

Conservative Republicans in the House and Senate are planning to force a government shutdown Friday to deny funding needed to enforce the Biden administration's vaccine mandates on the private sector, according to Politico.

Why it matters: Congress has until the end of the week to pass a stopgap measure to extend funding into 2022, though objection from a small group of Republicans could shut down the government.

Electric car prices could go up before they come down

Illustration: Eniola Odetunde/Axios

The secret to affordable electric vehicles is cheaper batteries. But after years of falling prices, battery costs are now headed in the wrong direction.

Why it matters: Costlier batteries could drive up the price of electric vehicles — threatening the auto industry's transition away from fossil fuels, and, in turn, society's fight against climate change.

The Supreme Court's abortion showdown arrives

Protesters gather at the Supreme Court during arguments about the Texas abortion law Nov. 1. Photo: Jabin Botsford/The Washington Post via Getty Images

The Supreme Court will debate today whether to overturn Roe v. Wade, and neither side is trying to lower the stakes — or to make today’s case anything less than a referendum on Roe’s very survival.

The big picture: Conventional wisdom, on both the left and right, says the court is likely to chip away at abortion rights without overturning its precedents outright. But neither side has spent much time trying to help the justices thread that needle.