Source: Arbe Robotics announcement
TEL AVIV, Israel and HOUSTON – Arbe Robotics Ltd. (“Arbe”), a global leader in next-generation 4D Imaging Radar Solutions, and Industrial Tech Acquisitions, Inc. (“ITAC”) (NASDAQ: ITAC), a publicly-traded special purpose acquisition company, announced their business combination was approved by the ITAC stockholders at a special meeting held Oct. 5, 2021, and the business combination was scheduled to be completed yesterday, Oct. 7.
The combined company will retain the Arbe Robotics name and its ordinary shares and warrants were expected to commence trading today on Nasdaq under the ticker symbols “ARBE” and “ARBEW,” respectively.
Kobi Marenko, Chief Executive Officer of Arbe, said, “Becoming a publicly traded company extends our first mover advantage and market leading position as we continue to spearhead a radar revolution. We continue to see strong customer uptake in our chipset as they recognize the superior capabilities of our products and significant cost advantages, and we expect that momentum to carry forward in the years ahead. The completion of the merger will help us accomplish our mission by enhancing our capital structure to fuel our product innovation process and accelerate our go-to-market strategy.”
Arbe’s 4D Imaging Radar Technology revolutionized automotive sensing with an affordable, ultra-high-resolution sensor that delivers high-level performance in all environmental, weather, and lighting conditions, providing an unmatched level of safety to the market.
The company believes it is the first radar that can truly enrich perception algorithms, making sure they operate in all possible driving scenarios. Arbe’s technology has transformed radar as a sensor by infusing it with capabilities that were previously associated with more costly sensors like LiDAR.
Because of Arbe’s 4D Imaging Radar Solution, radar’s functionality has been changed forever, providing the automotive industry with a unique sensor that is affordable to deploy in advanced driver-assistance systems (ADAS) and autonomous vehicles (AV).
To view the entire announcement, click HERE.