TEL
AVIV, Israel, June 7, 2023
/PRNewswire/ -- Arbe Robotics Ltd. (Nasdaq: ARBE)
("Arbe"), a global leader in perception radar solutions, today
announced that it has entered into a definitive agreement with the
Special Situations Funds and certain existing shareholders to
purchase $23 million of its
registered ordinary shares at a public offering price of
$1.95 per share reflecting a 10%
discount to the average closing price for the 20-day trading period
ending immediately prior to execution of the definitive securities
purchase agreement.
The offering is expected to close on or about June 13, 2023, subject to satisfaction of
customary closing conditions.
The Special Situations Funds will invest an aggregate of
$15 million, and the remaining
investment amount will be provided by three existing Arbe
investors, including two who are affiliated with members of Arbe's
Board of Directors.
The Special Situations Funds are a family of funds focused
primarily on growth oriented small public companies with a
concentration on the technology and life sciences industries.
The Ordinary Shares are being offered pursuant to an effective
registration statement on Form F-3 (File No. 333-269235) that was
filed with the U.S. Securities and Exchange Commission ("SEC") on
January 13, 2023 and declared
effective on February 24, 2023. The
Ordinary Shares may be offered only by means of a prospectus
supplement forming a part of the effective registration statement.
The prospectus supplement and accompanying prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC's website at www.sec.gov.
In conjunction with this capital raise, the Board has agreed to
suspend the Company's previously announced "At the Market" stock
program (ATM) for 12 months from the closing.
The gross proceeds of the offering are expected to be
$23 million, and the company intends
to use the net proceeds from this offering for general corporate
purposes, including, but not limited to, seeking to expedite its
penetration into the Chinese automotive market, capitalize on
recently proposed safety regulation, and strengthen Arbe's balance
sheet.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
About Arbe
Arbe (Nasdaq: ARBE), a global leader in Perception Radar Chipset
Solutions, is spearheading a radar revolution, enabling truly safe
driver-assist systems today while paving the way to full
autonomous-driving. Arbe's imaging radar is 100 times more detailed
than any other radar on the market and is a mandatory sensor for
L2+ and higher autonomy. The company is empowering automakers,
tier-1 suppliers, delivery robots, commercial and industrial
vehicles, and a wide array of safety applications with advanced
sensing and paradigm-changing perception. Arbe is a leader in the
fast-growing automotive radar market that has a projected total
addressable market of $11 billion in
2025. Arbe is based in Tel Aviv,
Israel, and has an office in the
United States.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, both as amended by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to, statements about the Company's
expectations regarding the closing of the offering and timing
thereof, and the expected gross proceeds of the offering. These
statements, and other statements including the words "expect,"
"believe," "estimate," "intend," "plan," "anticipate," "may,"
"should," "strategy," "future," "will," "project," "potential" and
similar expressions indicate forward-looking statements.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties, including the risk and uncertainties described
in "Cautionary Note Regarding Forward-Looking Statements," "Item 5.
Operating and Financial Review and Prospects" and Item 3. Key
Information –Risk Factors" Arbe's Annual Report on Form 20-F/A for
the year ended December 31, 2022,
which was filed with the Securities and Exchange Commission on
May 16, 2023, as well as other
documents filed by Arbe with the SEC. Accordingly, you are
cautioned not to place undue reliance on these forward-looking
statements. Forward-looking statements relate only to the date they
were made, and Arbe does not undertake any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made except as required by law or applicable
regulation.
Information contained on, or that can be accessed through,
Arbe's website or any other website is expressly not incorporated
by reference into and is not a part of this press release.
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SOURCE Arbe