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Arbe Robotics and Industrial Tech Acquisitions, Inc. (ITAC) announced the approval of their business combination by ITAC stockholders on October 5, 2021. The merger is set for completion on October 7, 2021, with trading on Nasdaq starting October 8 under the ticker symbols 'ARBE' and 'ARBEW.' Arbe will receive approximately $118 million in proceeds, enhancing its capital structure for growth and innovation in 4D Imaging Radar technology. This advancement positions Arbe as a leader in automotive safety and autonomous driving.
Arbe Robotics has been recognized as a 2021 Automotive News PACEpilot Innovation to Watch, awarded during an online ceremony on September 30, 2021. This accolade highlights the potential of its 4D Imaging Radar technology, which is poised to transform the automotive sector and enhance safety in ADAS and autonomous vehicles. Arbe's radar solutions support over 100,000 detections per frame and are designed to work effectively in all weather conditions. The company is noted for its significant market potential, projected to reach $11 billion by 2025.
Arbe Robotics and Industrial Tech Acquisitions, Inc. (ITAC) announced a special meeting for ITAC stockholders on October 5, 2021, regarding their proposed business combination. Stockholders as of August 24, 2021, can participate in the vote, which is crucial for the merger to proceed. Upon approval, ITAC shareholders will receive one Arbe share for each ITAC share held. Following the merger, Arbe shares will be traded under the symbol ARBE. Both companies emphasize the merger's potential to drive innovation and growth in the automotive radar market, projected to reach $11 billion by 2025.
Arbe Robotics announced that CEO Kobi Marenko will present at the 2021 J.P. Morgan Automotive Conference on August 11, 2021, at 8:55 AM EST. The presentation aims to highlight Arbe's advancements in 4D Imaging Radar Solutions, essential for driver-assist systems and autonomous driving. Arbe's radar technology is poised for significant growth, targeting a market estimated at $11 billion by 2025. Additionally, Arbe is undergoing a merger with Industrial Tech Acquisitions, Inc. (ITAC), which is expected to enhance its market position.
Arbe Robotics and ITAC have submitted a draft Registration Statement on Form F-4 to the SEC for their proposed business combination. CEO Scott Crist expressed optimism regarding market traction and interest beyond the automotive sector. The Business Combination Agreement, initially announced in March 2021, has been amended to extend the completion deadline to October 31, 2021. This agreement is subject to shareholder approval and customary closing conditions. Arbe is positioned to lead in the $11 billion automotive radar market by 2025, with advanced technology crucial for safety and autonomy.
Houston, Texas, June 04, 2021 - Industrial Tech Acquisitions (NASDAQ: ITAC) announced it received a notice from Nasdaq due to the failure to file its Quarterly Report on Form 10-Q for Q1 2021 in a timely manner. The company claims to be compliant after filing the report on June 4, 2021. The delay was attributed to the need for adjustments in accounting for outstanding warrants as liabilities. Despite this filing, there is no assurance of maintaining compliance with Nasdaq's listing requirements.
Arbe, a leader in 4D Imaging Radar Solutions, has launched its 2K resolution radar on the NVIDIA DRIVE platform, aiming to boost autonomous vehicle development. This integration allows OEMs and Tier 1 suppliers to access advanced radar data for safety applications and sensor fusion. The new technology, which can identify objects in adverse conditions and reduce false alarms, signifies Arbe's commitment to enhancing vehicle safety. Additionally, Arbe is preparing for a public merger with Industrial Tech Acquisitions, Inc. (NASDAQ: ITAC), projecting to reshape the automotive radar market with an estimated addressable market of $11 billion by 2025.
Arbe announced that AutoX has selected its 4D Imaging Radar Platform for Level 4 autonomous vehicles and RoboTaxis. The partnership will see AutoX integrate 400,000 Arbe radar systems over five years, enhancing safety for its fleet. Arbe is set to go public through a SPAC merger with Industrial Tech Acquisitions (NASDAQ: ITAC) at an equity value of $723M. The merger aims to accelerate Arbe's growth in the expanding $11 billion automotive radar market by 2025.
Arbe Robotics Ltd. and Industrial Tech Acquisitions, Inc. (NASDAQ: ITAC) have announced a definitive business combination agreement, with a private placement of $100 million in connection to the deal. The merger aims to enhance Arbe's position as a leader in 4D Imaging Radar solutions, specifically designed for advanced driver-assist systems and autonomous driving. The combined entity will operate under the name Arbe Robotics Ltd., with an implied enterprise value of $572 million. The transaction is expected to close by Q2/Q3 2021, pending shareholder approvals.
Industrial Tech Acquisitions, Inc. (NASDAQ: ITACU) announced that starting October 30, 2020, holders of units from its initial public offering can trade the company's Class A common stock and warrants separately. Class A common stock will trade under the symbol ITAC, while the warrants will trade under ITACW. Units that remain intact will continue to trade under ITACU. The company focuses on merging with businesses in the industrial technology sector, particularly in North America, covering areas such as IoT applications and 5G communications.
