Business
Arbe Announces Closing of $23 Million Offering of Registered Ordinary Shares
TEL AVIV, Israel, June 14, 2023 /PRNewswire/ -- Arbe Robotics Ltd. (Nasdaq: ARBE) ("Arbe"), a global leader in perception radar solutions, today announced the
About this update from Arbe Robotics Ltd.
[{"type":"text","content":"TEL AVIV, Israel, June 14, 2023 /PRNewswire/ -- Arbe Robotics Ltd. (Nasdaq: ARBE) (\"Arbe\"), a global leader in perception radar solutions, today announced the closing of its previously announced registered direct offering. In the offering, Arbe sold an aggregate of 11,794,873 ordinary shares to the Special Situations Funds, More Tech-Ventures, Catalyst Investments (affiliated with a director of the Company) and Geneva Insurance Group (affiliated with a director of the Company) at an offering price of $1.95 per share for aggregate gross proceeds of approximately $23 million before deducting the offering expenses.\nThe Special Situations Funds invested an aggregate of $15 million, and the remaining investment amount was provided by three existing Arbe investors. 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.\nAs previously disclosed, 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.\nIn 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.\nThis 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.\nAbout Arbe\nArbe (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 ra...