Industrial Tech Acquisitions and Arbe Robotics announce Submission of Draft Registration Statement to the Securities and Exchange Commission with respect to proposed business combination
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.
- Arbe's advanced radar technology is critical for L2+ and higher autonomous vehicles.
- The automotive radar market is projected to reach $11 billion by 2025.
- Strategic combination with ITAC may enhance Arbe's market penetration and adoption.
- The business combination is subject to customary closing conditions, including shareholder approval.
- Potential risks exist regarding completion due to investor commitments and cash conditions.
TEL AVIV, Israel and HOUSTON, June 29, 2021 /PRNewswire/ -- Arbe Robotics Ltd. ("Arbe"), a global leader in next-generation 4D Imaging Radar Solutions, has submitted a draft of a Registration Statement on Form F-4 to the U.S. Securities and Exchange Commission with respect to its proposed business combination with Industrial Tech Acquisitions, Inc. ("ITAC") (NASDAQ: ITAC), a publicly traded special purpose acquisition company.
Scott Crist, CEO of ITAC, commented: "We are excited to be completing this next step of the process in combining with Arbe Robotics. Over the past few months, we have continued to work with the Arbe team and are increasingly encouraged by the traction from the auto sector, as well as the interest from participants in industries outside of auto. As a result, we remain confident about market penetration and adoption of Arbe's leading technology."
On March 18, 2021, Arbe and ITAC announced that they had entered into a definitive business combination agreement (the "Business Combination Agreement"). On June 28, 2021, Arbe, ITAC and Autobot MergerSub, Inc., a Delaware corporation and a wholly owned subsidiary of Arbe ("Merger Sub"), entered into the First Amendment to the Business Combination Agreement, effective as of June 28, 2021, pursuant to which the parties extended the outside deadline by which the business combination must be completed from August 31, 2021 to October 31, 2021 and addressed the change in treatment of ITAC's warrants from equity to liability and the consequences of such change.
The business combination is subject to customary closing conditions, including the approval of ITAC's stockholders and the listing of Arbe's ordinary shares on The Nasdaq Stock Market.
About Arbe Robotics, Ltd.
Arbe, a global leader in next-generation 4D Imaging Radar Chipset Solutions, is spearheading a radar revolution, enabling truly safe driver-assist systems today while paving the way to full autonomous-driving. Empowering automakers, tier-1 suppliers, autonomous ground vehicles, commercial and industrial vehicles, and a wide array of safety applications with advanced sensing and paradigm-changing perception, 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. Arbe is a leader in the fast-growing automotive radar market that has an estimated total addressable market of
About Industrial Tech Acquisitions, Inc.
ITAC is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. ITAC is sponsored by Texas Ventures, a leading technology and venture capital firm with expertise in capital markets and structured finance. The firm provides guidance, insight and capital to assist entrepreneurs and managers who have the desire and talent to build exceptional companies. The Texas Ventures' approach is to identify emerging trends and opportunities prior to recognition by the broader marketplace, and to take a proactive approach in working with entrepreneurs and managers who have the determination to build world-class companies.
Important Notice Regarding Forward-Looking Statements
This press release contains certain "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. Statements that are not historical facts, including statements about ITAC and Arbe and the transactions contemplated by the Business Combination Agreement (the "Transactions"), and the parties' perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the Transactions, including the anticipated initial enterprise value and post-closing equity value, the benefits of the Transactions, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the Transactions. The words "expect," "believe," "estimate," "intend," "plan," "anticipate," "project," "may," "should," "potential" and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.
Such risks and uncertainties include, but are not limited to, risks related to: (i) the expected timing and likelihood of completion of the Transactions, including the risk that the Transactions may not be consummated due to one or more closing conditions to the Transactions in the Business Combination Agreement not being satisfied or waived on a timely basis or otherwise, or that the required approval of the Business Combination Agreement and related matters by the shareholders of Arbe and ITAC are not obtained; (ii) a default by one or more of the investors in the PIPE on its commitment, and ITAC's failure to retain sufficient cash in its trust account or find replacement financing in order to meet the
ADDITIONAL INFORMATION
General
Arbe has filed with the SEC a Registration Statement on Form F-4 (as amended, the "Registration Statement"), which includes a preliminary proxy statement of ITAC, and a preliminary prospectus in connection with the proposed Transactions involving Arbe and ITAC. The definitive proxy statement and other relevant documents will be mailed to stockholders of ITAC as of a record date to be established for voting on the Transactions and related matters. Stockholders of ITAC and other interested persons are advised to read, when available, the preliminary proxy statement, and amendments thereto, and the definitive proxy statement in connection with ITAC's solicitation of proxies for the special meeting of its stockholders to be held to approve the Transactions and related matters because these documents will contain important information about ITAC, Arbe, Merger Sub and the Transactions. Stockholders of ITAC will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge, once available, on the SEC's website at www.sec.gov or by directing a request to ITAC by contacting E. Scott Crist, Chief Executive Officer, c/o Industrial Tech Acquisitions, Inc., 5090 Richmond Avenue, Suite 319, Houston, Texas 77056, at (713) 599-1300 or at scott@texasventures.com.
Participants in the Solicitation
ITAC, Arbe and certain of their respective directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the shareholders of ITAC in favor of the approval of the Transaction. Stockholders of ITAC and other interested persons may obtain more information regarding the names and interests in the Transactions of ITAC's directors and officers in ITAC's filings with the SEC. Additional information regarding the interests of such potential participants will also be included in the Registration Statement and other relevant documents when they are filed with the SEC. Free copies of these documents may be obtained at the SEC's website, https://www.sec.gov/edgar/searchedgar/companysearch.html, or as provided in the preceding paragraph.
SOURCE Arbe
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