Industrial Tech Acquisitions, Inc. and Arbe Robotics Ltd. Announce Special Meeting Date for Proposed Business Combination
Arbe Robotics Ltd., a global leader in next-generation 4D Imaging Radar Solutions, and Industrial Tech Acquisitions, Inc., a publicly traded special purpose acquisition company, announced that ITAC has scheduled a special meeting of its stockholders that will be held virtually on October 5, 2021, at 10:00 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.”
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.”
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