March 19, 2024 ( Newswire) AI/Robotics Stock News Bite – Sarcos Technology and Robotics Corporation (NASDAQ: STRC) is trading up today and on the NASDAQ top gainers on news of a name change and focus on AI. The stock is trading at $1.8405, up 0.5405 or 41.58%. The stock had a day’s high of $2.09.

Sarcos announced the company has changed its name to Palladyne AI Corp. Effective April 8, 2024, the Company’s ticker symbol will change from NASDAQ: STRC to NASDAQ: PDYN. The new name reflects the company’s narrowed focus on commercializing the artificial intelligence and machine learning software that it has been developing since 2020.

“As Palladyne AI, we are excited to embark on this new chapter in our company’s history. This rebranding is not just a change in name but a reflection of our commitment to delivering a fundamentally superior type of intelligence for both mobile and stationary robots by enabling robots to observe, learn, reason and act in a manner akin to humans, which enhances robot versatility, substantially shortens robot training time and materially reduces power required for AI processing,” said Ben Wolff, President and CEO.

The name Sarcos has been synonomous with innovation and excellence in dexterous robotics for more than thirty years. With innovations ranging from award winning humanoid robots and powered exoskeletons to animatronic robotics at theme parks, Sarcos’ DNA in robotics runs deep. Palladyne AI will continue to leverage this rich history of innovation and global recognition for the Sarcos name by continuing to brand its defense business as Sarcos Defense. We appreciate the continued support of our customers, employees, and partners throughout this rebranding process. We are confident that this change will further strengthen our position in the market and enable us to better serve the evolving needs of our stakeholders.

Read the company’s full news and disclaimer here:

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