TEL AVIV,
Israel and HOUSTON, Oct. 6,
2021 /PRNewswire/ -- 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 previously announced business combination
was approved by the ITAC stockholders 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."
Transaction Overview
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.
Advisors
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.
About Arbe Robotics, Ltd.
Arbe (Nasdaq: ARBE), a global leader in next-generation 4D
Imaging 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, autonomous ground
vehicles, 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 an estimated projected total addressable market of
$11 billion in 2025. Arbe is based in
Tel Aviv, Israel, and has an
office in the United States.
Arbe's website is https://arberobotics.com. 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.
About Industrial Tech Acquisitions, Inc.
ITAC was a blank check company formed for the purpose of
entering into a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or other similar
business combination with one or more businesses or entities. ITAC
is sponsored by Texas Ventures, a leading technology and venture
capital firm with expertise in capital markets and structured
finance that provides guidance, insight and capital to assist
entrepreneurs and managers who have the desire and talent to build
exceptional companies. The Texas Ventures' approach is to identify
emerging trends and opportunities prior to recognition by the
broader marketplace, and to take a proactive approach in working
with entrepreneurs and managers who have the determination to build
world-class companies.
Important Notice Regarding Forward-Looking Statements
This press release contains certain "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. The words "expect," "believe,"
"estimate," "intend," "plan," "anticipate," "project," "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 and valuations that are based on
current expectations and assumptions and, as a result, are subject
to risks and uncertainties.
These forward-looking statements, together with any statements
made at ITAC's special meeting of stockholders at which the merger
was approved by ITAC's stockholders, are not guarantees of future
performance and are subject to various risks and uncertainties,
assumptions (including assumptions about general economic, market,
industry, regulatory and operational factors), known or unknown,
which could and are likely to cause the actual results to vary
materially from those indicated or anticipated. You should
carefully consider the risk factors and uncertainties described in
"Risk Factors," "Arbe's Management's Discussion and Analysis of
Financial Condition and Results of Operations," "Forward-Looking
Statements" and the additional risks described in the proxy
statement/prospectus dated September
17. 2021 which was filed by Arbe with the Securities and
Exchange Commission, as well as the other documents filed by Arbe
with the SEC. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may, and are likely to, vary materially from those
indicated or anticipated by such forward-looking statements.
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.
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