ARBE - Arbe falls on $23M equity offering

2023-06-07 08:09:43 ET

• Arbe Robotics ( NASDAQ: ARBE ) has entered into an agreement with the Special Situations Funds and certain existing shareholders to purchase $23M of its registered ordinary shares at $1.95/share.
• The shares will be issued at 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.
• Closing date is June 13, 2023.
• The Special Situations Funds will invest an aggregate of $15 million, and the remaining investment amount will be provided by three existing Arbe investors.
• The gross proceeds of $23M will be used 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.
• Source: Press Release

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