Israel-based Arbe Robotics filed an F-4 registration statement with the SEC outling its proposed merger with Industrial Tech Acquisitions. The SPAC’s deadline to close a deal is Oct. 31, extended from Aug. 31.
Arbe Robotics is a provider of next-generation 4D Imaging Radar solutions.
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 $77 million of cash held in Industrial Tech’s trust account and a $100 million PIPE.
Pending shareholder approval, upon closing the combined company will operate as Arbe Robotics and list on the Nasdaq under ARBE. Read more.