Pond Technologies

Arbe Robotics Announces $23 Million Offering of Registered Ordinary Shares

07 June 2023

TEL AVIV, Israel, June 7, 2023 /PRNewswire/ -- Arbe Robotics Ltd. (Nasdaq: ARBE) ("Arbe"), a global leader in perception radar solutions, today announced that it has entered into a definitive agreement with the Special Situations Funds and certain existing shareholders to purchase $23 million of its registered ordinary shares at a public offering price of $1.95 per share reflecting 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.

The offering is expected to close on or about June 13, 2023, subject to satisfaction of customary closing conditions.

The Special Situations Funds will invest an aggregate of $15 million, and the remaining investment amount will be provided by three existing Arbe investors, including two who are affiliated with members of Arbe's Board of Directors.

The Special Situations Funds are a family of funds focused primarily on growth oriented small public companies with a concentration on the technology and life sciences industries.

The Ordinary Shares are being offered pursuant to an effective registration statement on Form F-3 (File No. 333-269235) that was filed with the U.S. Securities and Exchange Commission ("SEC") on January 13, 2023 and declared effective on February 24, 2023. The Ordinary Shares may be offered only by means of a prospectus supplement forming a part of the effective registration statement. The prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov.

In conjunction with this capital raise, the Board has agreed to suspend the Company's previously announced "At the Market" stock program (ATM) for 12 months from the closing.

The gross proceeds of the offering are expected to be $23 million, and the company intends to use the net proceeds from this offering 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.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Arbe

Arbe (Nasdaq: ARBE), a global leader in Perception Radar Chipset Solutions, is spearheading a radar revolution, enabling truly safe driver-assist systems today while paving the way to full autonomous-driving. 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. The company is empowering automakers, tier-1 suppliers, delivery robots, commercial and industrial vehicles, and a wide array of safety applications with advanced sensing and paradigm-changing perception. Arbe is a leader in the fast-growing automotive radar market that has a projected total addressable market of $11 billion in 2025. Arbe is based in Tel Aviv, Israel, and has an office in the United States.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "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. These forward-looking statements include, but are not limited to, statements about the Company's expectations regarding the closing of the offering and timing thereof, and the expected gross proceeds of the offering. These statements, and other statements including the words "expect," "believe," "estimate," "intend," "plan," "anticipate," "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, including the risk and uncertainties described in "Cautionary Note Regarding Forward-Looking Statements," "Item 5. Operating and Financial Review and Prospects" and Item 3. Key Information –Risk Factors" Arbe's Annual Report on Form 20-F/A for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission on May 16, 2023, as well as other documents filed by Arbe with the SEC. 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 Arbe does not undertake 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.

Information contained on, or that can be accessed through, Arbe's website or any other website is expressly not incorporated by reference into and is not a part of this press release.

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