TEL AVIV,
Israel and HOUSTON, Texas, Sept. 14, 2021 /PRNewswire/
-- 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, today announced that
ITAC has scheduled a special meeting of its stockholders that will
be held virtually on October 5, 2021,
at 9:30 a.m. Eastern Time.
Stockholders of record as of August 24,
2021 (the "Record Date") are eligible to receive notice of
and to vote at the special meeting. ITAC also announced that it has
filed with the SEC a preliminary proxy statement relating to the
special meeting. All stockholders of ITAC are strongly encouraged
to review the definitive proxy statement when it is available and
to vote as soon as possible in advance of the special meeting. The
definitive proxy statement will be made available to ITAC's
stockholders as soon as practicable after clearance from the
Securities and Exchange Commission has been obtained.
As previously announced, pursuant to the business combination
agreement between the parties, upon the effectiveness of the
merger, following stockholder approval and satisfaction of the
other closing conditions, each ITAC stockholder will receive one
Arbe ordinary share for each share of ITAC common stock owned at
the effective time of the merger and each holder of ITAC warrants
will receive an Arbe warrant to purchase the same number of Arbe
ordinary shares at the same exercise price per share. The
proxy statement will include detailed information concerning Arbe,
ITAC, the terms of the merger and the rights of the ITAC
stockholders.
Scott Crist, CEO of ITAC,
commented, "We are excited to reach this important milestone in the
transaction process. We look forward to completing the business
combination with Arbe as the company enters its next phase of
innovation and growth."
ITAC Stockholder Vote
Stockholders who own shares of ITAC as of the Record Date should
submit their vote promptly and no later than 11:59 p.m. Eastern Time on October 4, 2021. ITAC stockholders who need
assistance in completing the proxy card, need additional copies of
the proxy materials, or have questions regarding the special
meeting may contact ITAC's proxy solicitor, Laurel Hill Advisory
Group, LLC, by telephone at (888) 742-1305 or by email at
ITAC@laurelhill.com.
If the business combination is approved by ITAC stockholders,
closing is expected to occur shortly following the special meeting,
subject to the satisfaction or waiver of the remaining conditions
in the business combination agreement. Following the completion of
the business combination, the ordinary shares of Arbe will be
listed on the Nasdaq Stock Market under the symbol "ARBE," and its
public warrants will be listed under the symbol "ARBEW."
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 $11 billion in
2025. Arbe is based in Tel Aviv,
Israel, and has an office in the
United States.
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. The words "expect," "believe,"
"estimate," "intend," "plan", "anticipate", "project", "may",
"should", "strategy," "future," "will," "project," "potential" and
similar expressions indicate forward-looking statements.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties.
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, regulatory and operational factors), known or unknown,
which could and are likely to cause the actual results to vary
materially from those indicated or anticipated. You should
carefully consider the risk factors and uncertainties described in
"Risk Factors," "Arbe's Management's Discussion and Analysis of
Financial Condition and Results of Operations," "ITAC's
Management's Discussion and Analysis of Financial Condition and
Results of Operations," "Forward-Looking Statements" and the
additional risk described in Amendment No. 3 to the Form F-4 filed
by Arbe on September 8, 2021 (the
"Registration Statement") and the Preliminary Proxy Statement on
Schedule 14A filed by ITAC on September 10,
2021, as well as the other documents filed by Arbe and ITAC
with the SEC, including the possibility that the business
combination may not be consummated. Further, since the registration
statement on Form F-4 has not been declared effective by the SEC,
the final proxy statement/prospectus forming a part of the Form F-4
and the definitive proxy statement sent to ITAC's stockholders may
contain additional risks, which may be material. The
foregoing list of factors is not exhaustive. Should one or
more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may, and are
likely to, vary materially from those indicated or anticipated by
such forward-looking statements. Accordingly, you are cautioned not
to place undue reliance on these forward-looking statements.
Forward-looking statements relate only to the date they were
made, and neither Arbe nor ITAC undertakes any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made except as required by law or applicable
regulation.
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SOURCE Arbe