Arbe Robotics to List on Nasdaq Through SPAC – FinSMEs

Arbe Robotics Ltd., a Houston, Texas and Tel Aviv, Israel-based provider of next-generation 4D Imaging Radar solutions, and Industrial Tech Acquisitions, Inc. (NASDAQ: ITAC), a publicly-traded special purpose acquisition company, have entered into a definitive business combination agreement.

Subject to the satisfaction of the terms and conditions set forth in the deal, upon closing of the transactions, the combined company will operate under the Arbe Robotics Ltd. name and is expected to be listed on Nasdaq under the new ticker symbol ARBE.

Founded in 2015 and led by Kobi Marenko, Chief Executive Officer,Arbe is a provider of an ultra-high resolution 4D Imaging Radar that separates, tracks, and identifies objects in 2K resolution in both azimuth and elevation, which can alert autopilot, emergency braking or steering features at the right moment. Its proprietary chipset has a large channel array count with 48 receiving and 48 transmitting RF channels, a dedicated processor chip, and AI-based post-processing.

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. Assuming no redemptions by ITAC public shareholders, the transaction is expected to deliver up to approximately $177 million of gross proceeds, including the contribution of up to approximately $77 million of cash held in Industrial Techs trust account.

The transaction is further supported by a $100 million fully-committed PIPE anchored by leading investors including M&G Investment Management, Varana Capital, Texas Ventures, Eyal Waldman, and certain other investors, which upon consummation of the PIPE satisfies the $100 million minimum cash closing condition contained in the Business Combination Agreement.

In the transaction, a newly formed subsidiary of Arbe will merge with ITAC, with ITAC surviving as a wholly-owned subsidiary of Arbe. The transaction, which has been unanimously approved by the board of directors of both Arbe and Industrial Tech, is expected to close in the late 2ndquarter or early 3rdquarter of 2021, subject to shareholder approvals, and other customary closing conditions.

Following the completion of the acquisition, Arbe is expected to retain its experienced management team, with Kobi Marenko as CEO, Noam Arkind as CTO, Ram Machness as Chief Business Officer and Danny Klein as CFO.

FinSMEs

19/03/2021

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Arbe Robotics to List on Nasdaq Through SPAC - FinSMEs