Industrial Tech Acquisitions Sets Shareholder Vote on $572M Arbe Robotics Merger

Industrial Tech Acquisitions


Industrial Tech Acquisitions set an Oct. 5 meeting for shareholders to vote on the proposed merger with radar imaging company Arbe Robotics.

If approved, upon closing each ITAC stockholder will receive one Arbe ordinary share for each share of ITAC common stock. Warrants will be issued on the same basis to existing warrant holders. 

Announced in March, the deal gives Israel-based Arbe an enterprise value of $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 up to $77 million of cash held in Industrial Tech’s trust and a $100 million PIPE. Upon closing the combined company will operate as Arbe Robotics and list on the Nasdaq under ARBE. Read more

Related Posts