Arbe Robotics, a provider of next-generation 4D Imaging Radar solutions, and Industrial Tech Acquisitions announced that they have entered into a definitive business combination agreement and related agreements for a PIPE of $100 million in connection with the proposed merger.
The combined company is expected to have an implied post-money pro forma enterprise value of approximately $572 million and an equity value of approximately $722 million at closing, assuming no redemptions by ITAC public shareholders. The transaction is expected to deliver $177 million of gross proceeds, including the contribution of up to approximately $77 million of cash held in Industrial Tech’s trust account and the $100 million PIPE.
Pendoing shareholder approval, upon closing the combined company will operate as Arbe Robotics and list on the Nasdaq under ARBE. Read more.
