Arbe Robotics and Industrial Tech Acquisitions announced that the SPAC’s stockholders approved the companies’ merger. The transaction is expected to close today.
Arbe Robotics shares and warrants are expected to begin trading Oct. 8 on the Nasdaq under ARBE and ARBEW.
Arbe will receive approximately $118 million in gross proceeds comprised of $18 million of cash from the ITAC trust 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.
While the press release did not mention redemption numbers, they must have been substantial as the original terms of the deal, as announced in March, called for Arbe to receive $77 million in cash from the SPAC’s trust as well as the PIPE.
Arbe develops next-generation 4D Imaging Radar solutions. Read more.
