TEL
AVIV, Israel, June 14,
2023 /PRNewswire/ -- Arbe
Robotics Ltd. (Nasdaq: ARBE) ("Arbe"), a global leader in
perception radar solutions, today announced the closing of its
previously announced registered direct offering. In the offering,
Arbe sold an aggregate of 11,794,873 ordinary shares to the Special
Situations Funds, More Tech-Ventures, Catalyst Investments
(affiliated with a director of the Company) and Geneva Insurance
Group (affiliated with a director of the Company) at an offering
price of $1.95 per share for
aggregate gross proceeds of approximately $23 million before deducting the offering
expenses.
The Special Situations Funds invested an aggregate of $15
million, and the remaining investment amount was provided by three
existing Arbe investors. The Special Situations Funds are a
family of funds focused primarily on growth oriented small public
companies with a concentration on the technology and life sciences
industries.
As previously disclosed, the company intends to use the net
proceeds from this offering for general corporate purposes,
including, but not limited to, seeking to expedite its penetration
into the Chinese automotive market, capitalize on recently proposed
safety regulation, and strengthen Arbe's balance sheet.
In conjunction with this capital raise, the Board has agreed to
suspend the Company's previously announced "At the Market"
stock program (ATM) for 12 months from the closing.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
About Arbe
Arbe (Nasdaq: ARBE), a global leader in Perception Radar Chipset
Solutions, is spearheading a radar revolution, enabling truly safe
driver-assist systems today while paving the way to full
autonomous-driving. Arbe's imaging radar is 100 times more detailed
than any other radar on the market and is a mandatory sensor for
L2+ and higher autonomy. The company is empowering automakers,
tier-1 suppliers, delivery robots, commercial and industrial
vehicles, and a wide array of safety applications with advanced
sensing and paradigm-changing perception. Arbe is a leader in the
fast-growing automotive radar market that has a projected total
addressable market of $11 billion in
2025. Arbe is based in Tel Aviv,
Israel, and has an office in the
United States.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, both as amended by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to, statements about the Company's
expectations regarding the expected use of the proceeds of the
offering. These statements, and other statements including the
words "expect," "believe," "estimate," "intend," "plan,"
"anticipate," "may," "should," "strategy," "future," "will,"
"project," "potential" and similar expressions indicate
forward-looking statements. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties, including the risk
and uncertainties described in "Cautionary Note Regarding
Forward-Looking Statements," "Item 5. Operating and Financial
Review and Prospects" and Item 3. Key Information –Risk Factors"
Arbe's Annual Report on Form 20-F/A for the year ended December 31, 2022, which was filed with the
Securities and Exchange Commission on May
16, 2023, the prospectus supplement dated June 6, 2023, as well as other documents filed by
Arbe with the SEC. Accordingly, you are cautioned not to place
undue reliance on these forward-looking statements. Forward-looking
statements relate only to the date they were made, and Arbe does
not undertake any obligation to update forward-looking statements
to reflect events or circumstances after the date they were made
except as required by law or applicable regulation.
Information contained on, or that can be accessed through,
Arbe's website or any other website is expressly not incorporated
by reference into and is not a part of this press release.
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SOURCE Arbe