iRobot To Go Private As Picea Completes Acquisition Through Chapter 11 Restructuring

Shenzhen Picea Robotics Co., Ltd. is set to acquire 100% of iRobot Corp. (IRBT) through a court-supervised restructuring process, transforming the home robotics company into a privately held entity. The acquisition marks the conclusion of iRobot’s financial turnaround efforts and signals a significant shift in the company’s operational structure.

The transaction will be executed via a pre-packaged Chapter 11 bankruptcy filing in the U.S. District of Delaware. According to the company’s announcement, the restructuring process is expected to reach completion by February 2026, providing iRobot with a clearly defined timeline for the transition. This court-supervised mechanism enables the company to address its mounting fiscal pressures while facilitating the transfer of ownership to Picea, which serves as both a secured lender and primary manufacturing partner.

Key Terms of the Restructuring Support Agreement

iRobot has executed a Restructuring Support Agreement (RSA) with Picea and Santrum Hong Kong Co., Limited, which outlines the framework for the acquisition and operational transition. The RSA establishes the conditions under which Picea will assume full equity ownership of iRobot, effectively eliminating public shareholders from the company’s capital structure.

Market Implications: Nasdaq Delisting

Upon successful completion of the transaction, iRobot’s common stock will be delisted from The Nasdaq Stock Market LLC. Following this delisting, the company’s shares will cease trading on all national securities exchanges, marking the end of iRobot’s era as a publicly traded entity. Current shareholders should anticipate the cessation of normal trading operations once the acquisition process concludes.

This restructuring represents a pivotal moment for iRobot as it seeks to stabilize operations under Picea’s ownership, combining the robotics manufacturer’s technical expertise with iRobot’s established market presence.