Arbe Robotics Ltd. ("Arbe"), a global leader in next-generation 4D Imaging Radar Solutions, and Industrial Tech Acquisitions, Inc. ("ITAC") (NASDAQ: ITAC), a publicly-traded special purpose acquisition company, today announced that the ITAC stockholders approved the previously announced business combination at a special meeting held on October 5, 2021, and the business combination is scheduled to be completed on Thursday, October 7, 2021. The combined company will retain the Arbe Robotics name, and its ordinary shares and warrants are expected to commence trading on Nasdaq on October 8, 2021, under the ticker symbols "ARBE" and "ARBEW," respectively.
Kobi Marenko, Chief Executive Officer of Arbe, said, "Becoming a publicly traded company extends our first mover advantage and market leading position as we continue to spearhead a radar revolution. We continue to see strong customer uptake in our chipset as they recognize the superior capabilities of our products and significant cost advantages, and we expect that momentum to carry forward in the years ahead. The completion of the merger will help us accomplish our mission by enhancing our capital structure to fuel our product innovation process and accelerate our go-to-market strategy."
Arbe's 4D Imaging Radar Technology revolutionized automotive sensing with an affordable, ultra-high-resolution sensor that delivers high-level performance in all environmental, weather, and lighting conditions, providing an unmatched level of safety to the market. The Company believes it is the first radar that can truly enrich perception algorithms, making sure they operate in all possible driving scenarios. Arbe's technology has transformed radar as a sensor by infusing it with capabilities that were previously associated with more costly sensors like LiDAR. Because of Arbe's 4D Imaging Radar Solution, radar's functionality has been changed forever, providing the automotive industry with a unique sensor that is affordable to deploy in Advanced Driver Assistance Systems (ADAS) and autonomous vehicles.
Scott Crist, Chairman, and CEO of ITAC, "I am excited to complete this deal and look forward to working with the entire Arbe team as they continue to pave the way to full autonomous driving. Arbe's game-changing technology is a significant competitive advantage in the automotive, industrial and new mobility markets, setting the stage for long-term growth."
As a result of the business combination, Arbe will receive approximately $118 million in gross proceeds comprised of approximately $18 million of cash following ITAC's public stockholders of their stock redemptions and $100 million from a private placement of Arbe's ordinary shares, including investments from institutional investors M&G Investment Management, Varana Capital, iAngels, Texas Ventures, Eyal Waldman, among other investors. Completing the combination provides Arbe with ample capital to execute its growth strategies, including considering strategic opportunities that may present themselves.
Arbe will continue to be led by its experienced management team. Scott Crist, Chairman, and CEO of ITAC, will join Arbe's Board of Directors upon consummation of the business combination.
Wells Fargo Securities served as exclusive financial advisor to Arbe and served as lead placement agent to ITAC on the PIPE offering. Epsilon and Poalim Capital Markets also served as placement agents on the PIPE offering. Cowen, Roth Capital, and MKM Partners acted as capital markets advisors to Arbe.
DLA Piper LLP (US) served as legal advisor to Arbe, and Ellenoff Grossman & Schole LLP served as legal advisor to ITAC. Erdinast, Ben Nathan, Toledano & Co. served as Israeli legal advisors to Arbe.
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