Brief: Arbe Robotics Says Expected To List On The Nasdaq Through A Business Combination With Industrial Tech Acquisitions

Arbe Robotics

18/03/2021 20:39

March 18 (Reuters) - Industrial Tech Acquisitions Inc
 ITAC.O :
    * ARBE ROBOTICS LTD., A GLOBAL LEADER IN HIGH-RESOLUTION 4D
IMAGING RADAR TECHNOLOGY, EXPECTED TO LIST ON THE NASDAQ THROUGH
A BUSINESS COMBINATION WITH INDUSTRIAL TECH ACQUISITIONS, INC.
    * INDUSTRIAL TECH ACQUISITIONS INC - TRANSACTION VALUES ARBE
AT A
POST-MONEY PRO FORMA ENTERPRISE VALUE OF APPROXIMATELY $572
MILLION
    * INDUSTRIAL TECH ACQUISITIONS INC - TRANSACTION IS EXPECTED
TO
PROVIDE UP TO APPROXIMATELY $177 MILLION IN GROSS CASH PROCEEDS
    * INDUSTRIAL TECH ACQUISITIONS INC - PIPE OFFERING ANCHORED
BY M&G
INVESTMENT MANAGEMENT, VARANA CAPITAL, TEXAS VENTURES, AND EYAL
WALDMAN
    * INDUSTRIAL TECH ACQUISITIONS INC - COMBINED COMPANY IS
EXPECTED
TO HAVE AN EQUITY VALUE OF APPROXIMATELY $722 MILLION AT CLOSING
    * INDUSTRIAL TECH ACQUISITIONS INC - TRANSACTION IS FURTHER
SUPPORTED BY A $100 MILLION FULLY-COMMITTED PIPE
    * INDUSTRIAL TECH ACQUISITIONS INC - IN TRANSACTION, A NEWLY
FORMED UNIT OF ARBE WILL MERGE WITH ITAC, WITH ITAC SURVIVING AS
UNIT OF ARBE

Source text for Eikon:  ID:nPn4pVmCna 
Further company coverage:  ITAC.O 

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