Category: 3. Business

Company’s secured lender and key supplier, Picea, to acquire iRobot through court-supervised chapter 11 process

Positions iRobot to continue delivering trusted robotics and smart home devices to consumers worldwide

BEDFORD, Mass., Dec. 14, 2025 /PRNewswire/ — iRobot Corporation (NASDAQ: IRBT) (“iRobot” or the “Company”), a leader in consumer robots, today announced that it entered into a Restructuring Support Agreement (the “RSA”) with its secured lender and its primary contract manufacturer, Shenzhen PICEA Robotics Co., Ltd. and Santrum Hong Kong Co., Limited, (collectively “Picea”) for Picea to acquire iRobot through a court-supervised process. This agreement represents a critical step toward strengthening iRobot’s financial foundation and positioning the Company for long-term growth and innovation.

To efficiently implement this transaction, iRobot and certain of its affiliates voluntarily commenced a pre-packaged chapter 11 process in the District of Delaware (the “Court”). The Company expects to complete the pre-packaged chapter 11 process by February 2026.    

Under the terms of the RSA, Picea will receive 100% of the equity interests in the Company, which will delever the Company’s balance sheet and enable iRobot to continue operating in the ordinary course, pursue its product development roadmap, and maintain its global footprint. The transaction contemplated under the RSA provides a path forward to enhance financial stability, reduce debt, and support continued innovation across iRobot’s leading portfolio of robotics and smart home devices.

“Today’s announcement marks a pivotal milestone in securing iRobot’s long-term future,” said Gary Cohen, Chief Executive Officer, iRobot. “The transaction will strengthen our financial position and will help deliver continuity for our consumers, customers, and partners. Together, we will work to continue advancing the industry-leading Roomba robots and smart home technologies that have defined the iRobot brand for more than three decades. By combining iRobot’s innovation, consumer-driven design, and R&D with Picea’s history of innovation, manufacturing, and technical expertise, we believe iRobot will be well equipped to shape the next era of smart home robotics.”

Continuity of Operations During Pre-Packaged Chapter 11 Process 
During the chapter 11 process, iRobot will continue operating in the ordinary course with no anticipated disruption to its app functionality, customer programs, global partners, supply chain relationships, or ongoing product support. To maintain business continuity, iRobot has filed a series of customary motions with the Court that will allow the Company to operate in the ordinary course, including to meet its commitments to employees and make timely payments to vendors and other creditors in full for amounts owed before, during, and after the court-supervised process.

Emerging Stronger Under New Ownership
Following Court approval of the transaction, iRobot expects to be better positioned to execute on its long-term innovation strategy under Picea’s ownership. Upon completion of the transaction, iRobot will be a private company wholly owned by Picea, and its shares of common stock will no longer be listed on The Nasdaq Stock Market LLC or any other national stock exchange. The transaction is designed to deliver a more stable balance sheet and renewed ability to invest in its next generation of robotics, smart home innovations, and customer experience enhancements.

The Company expects that holders of the Company’s common stock will not receive any equity of the reorganized Company, and that all issued and outstanding equity interests in the Company will be cancelled and holders of common stock will experience a total loss and not receive recovery on their investment, if the chapter 11 plan is approved by the Court.

As part of iRobot’s chapter 11 cases, the Company’s claims agent, Stretto, Inc., will distribute standard court notices to parties of interest as required by the Court. These notices are routine and do not require action from customers, partners, or employees. Publicly filed documents will be available free of charge on the claims agent’s website at https://cases.stretto.com/iRobot. Stakeholders with questions may contact Stretto at (833) 228-5389 (U.S./Canada), +1 (949) 590-3576 (International), or via email at [email protected].

Advisors
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as lead legal counsel, Young Conaway Stargatt & Taylor, LLP is serving as Delaware counsel, Alvarez & Marsal is serving as investment banker and financial advisor, and C Street Advisory Group is serving as strategic communications advisor. White & Case LLP is serving as legal counsel to Picea.

About iRobot
iRobot is a global consumer robot company that designs and builds thoughtful robots and intelligent home innovations that make life better. iRobot introduced the first Roomba robot vacuum in 2002. Today, iRobot is a global enterprise that has sold millions of robots worldwide. iRobot’s product portfolio features technologies and advanced concepts in cleaning, mapping and navigation. Working from this portfolio, iRobot engineers are building robots and smart home devices to help consumers make their homes easier to maintain and healthier places to live. For more information about iRobot, please visit www.irobot.com.

About Picea
Picea is a global manufacturer and service provider of robotic vacuum cleaners, with research and development and manufacturing facilities in China and Vietnam. Picea has over 7,000 employees globally and serves a diverse, international customer base. Picea maintains long-term, stable partnerships with many leading global enterprises. To date, Picea holds over 1,300 intellectual property rights worldwide and has manufactured and sold more than 20 million robotic vacuum cleaners.

Cautionary Statement Regarding Forward-Looking Statements
This communication includes “forward-looking statements,” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including, in particular, any statements about the Company’s plans, strategies, objectives, initiatives, roadmap and prospects. The Company generally uses the words “may,” “will,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “aim” and similar expressions in this communication to identify forward-looking statements. The Company has based these forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements, include, but are not limited to, statements related to the chapter 11 process (“Chapter 11 Process”), including the Company’s ability to complete the process on the terms contemplated by the RSA, on the timeline contemplated or at all, and the Company’s ability to realize the intended benefits of the financial reorganization. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors. Some of these risks and uncertainties include: risks and uncertainties relating to the Chapter 11 Process, including but not limited to the Company’s ability to obtain Court approval with respect to motions in the Chapter 11 Process and approval of requisite stakeholders and confirmation by the Court of the chapter 11 plan, the effects of the Chapter 11 Process on the Company and its various constituents, the impact of Court rulings in the Chapter 11 Process, the ultimate outcome of the Chapter 11 Process in general, the length of time the Company will operate under the Chapter 11 Process, attendant risks associated with restrictions on the Company’s ability to pursue its business strategies while the Chapter 11 Process is pending, risks associated with third-party motions in the Chapter 11 Process, the potential adverse effects of the Chapter 11 Process on the Company’s liquidity, the likelihood of the cancellation of the Company’s common stock in the Chapter 11 Process, uncertainty regarding the Company’s ability to retain key personnel and management, whether the Company’s vendors, suppliers and customers might lose confidence in the Company’s ability to reorganize its capital structure successfully and may seek to establish alternative commercial relationships as a result of the Chapter 11 Process and uncertainty and continuing risks associated with the Company’s ability to achieve its goals and continue as a going concern. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company’s reports filed with the U.S. Securities and Exchange Commission (“SEC”), including in the section entitled “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024, the section entitled “Risk Factors” in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarters ended March 29, 2025, June 28, 2025 and September 27, 2025 and the Company’s Current Report on Form 8-K filed with the SEC on December 1, 2025. You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those identified herein, could cause the Company’s results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this communication or to reflect the occurrence of unanticipated events or otherwise.

SOURCE iRobot Corporation

With air traffic on the rise in recent years, airports have placed increasing urgency on labor-saving initiatives and efficiency improvements, particularly in ground operations. Against this backdrop, the MLIT, airlines, and airport operators are collaborating to promote the automation of towing tractors and buses used for passengers and crew transport. However, airports operate in a significantly different environment compared to public roads. Achieving autonomous operation requires extensive optimization across both technical and environmental aspects. Specifically, unique operating rules for runways, taxiways, and aprons need to be established, along with vehicle control systems that function in environments where aircraft and vehicles coexist. Furthermore, while safe traffic has traditionally relied on communication between human drivers, autonomous vehicles require new communication methods to ensure safety when they operate alongside human-driven vehicles.

NEC’s VME enable autonomous driving by leveraging over half a century of experience in air traffic control and airport-related systems, as well as close collaboration with stakeholders that include airlines and autonomous vehicle manufacturers.

The introduction of VME also enables automatic signal control at intersections within airport restricted areas. This facilitates safe and smooth traffic management among both human drivers and autonomous vehicles. Additionally, cameras placed in low-visibility areas send video to autonomous vehicle operators, helping to cover blind spots and support precise safety management.

Going forward, NEC will continue to leverage digital technologies to help build a next-generation mobility society, striving to create safe, secure, and efficient transportation infrastructure.

If you’ve driven past Sylvia Park lately, you’ll have noticed a giant blue-and-yellow newcomer has arrived!

Getting the green light for New Zealand’s first IKEA store at Sylvia Park wasn’t as simple as dropping in some flat-packs and grabbing an Allen key! The construction, now complete, was one of the most technically demanding resource consent processes planners say the city has seen and showcased the breadth of expertise within Auckland Council.

The application was lodged in October 2021 and, although limited notified to adjoining neighbours, IKEA secured written approvals from all parties. As no submissions were received, a hearing was not required, a rarity for a development of this scale.

Still, the technical work involved was substantial. Over 20 specialists contributed to assessments spanning urban design, ecology, transport, cultural effects, economics and stormwater.

The site’s location within the wider Sylvia Park retail precinct required several planning variations to ensure strong pedestrian connections and seamless integration with the existing metropolitan centre especially for people walking between shops, carparks and the train station.

Transport specialists played a significant role, shaping safer pedestrian links, vehicle-access arrangements, and a reconfigured parking layout. Auckland Council’s Transport Engineer Honwin Shen said:

“Our focus was making access intuitive for everyone, people walking from the train station, buses arriving more frequently, and motorists navigating a much busier precinct. The connections had to feel effortless.”

Mana whenua groups were strong partners in the process, providing guidance that influenced site layout, cultural artwork and the naturalisation of a stream corridor. They also delivered cultural inductions for contractors and put in place accidental-discovery protocols for any Māori artefacts encountered during excavation.

Council’s economic specialist Shyamal Maharaj considered how a retailer of IKEA’s international scale might influence nearby centres including Newmarket, Panmure and Botany.

“Our analysis showed that while IKEA draws significant footfall, its product range is sufficiently distinct that it complements rather than erodes the vitality of surrounding centres.”

Recently, Auckland Council’s resource consents team visited the construction site with Naylor Love and Kiwi Property to reflect on how several months of planning work has now materialised on the ground.

Processing planner Oscar Orellana says seeing their work turn into a real, physical project has been especially rewarding.

“Working across so many disciplines—transport, ecology, cultural heritage—really expanded my understanding of what it takes to deliver a major project. Seeing that work reflected in what’s being built on site has been genuinely motivating.”

For the team, IKEA is more than just a big blue box, it’s a reminder of the value of the resource consent system. Careful assessments across environmental, cultural and economic fronts are exactly what give major developments the confidence, and community backing, to go ahead.

IKEA Aotearoa: Key Facts

• Location: Sylvia Park, Mount Wellington
• Status: completed
• Opened: December 2025
• Consent lodged: October 2021
• Notification: limited-notified to adjoining neighbours including KiwiRail
• Submissions received: none (all neighbours provided written approval)
• Hearing: Not required
• Key considerations: transport, cultural effects, economic impacts, stream naturalisation, urban design, integration with Sylvia Park, contamination, construction impacts
• Mana whenua role: site design input, artwork, naturalisation corridor, contractor inductions, accidental-discovery protocols