Arbe Robotics Ltd. (NASDAQ:ARBE) (“Arbe”), the global leader in next-generation imaging radar solutions, announced today that the lock-up for shareholders holding 46,984,355 ordinary shares which are parties to an investors right agreement was extended to 360 days from the closing of the merger with ITAC held on October 7, 2021, subject to early release if the closing price of the ordinary shares equals or exceeds $9.00 per share for any 20 out of last 30 trading days. In addition, shareholders holding 35,592,700 ordinary shares (33,686,800 of which are also parties to the investor rights agreement) have decided to further extend their lock-up period, agreeing not to sell their ordinary shares until January 7, 2023, subject to early release if the closing price of Arbe’s ordinary shares equals or exceeds $12.00 per share for any 20 out of last 30 trading days. The lock-ups do not apply to the ordinary shares purchased in the October 2021 private placement contemporaneous with the merger.
“We believe that the extension of the lock-up period demonstrates our shareholders’ confidence in the long-term potential of Arbe’s business,” said Yair Shamir, Chairman of the Board of Directors of Arbe, and Founding and Managing Partner of CEL Catalyst Mobility Ltd. “For us, the merger with ITAC was an additional financing round, as part of a long-term journey, with the goal of driving a revolution in automotive radar and delivering true safety and autonomy to the mass market.”
“Arbe delivers a unique value to the automotive industry and will make a massive impact on road safety,” said Kobi Marenko, Chief Executive Officer of Arbe. “The extended lock-up conveys the confidence of our shareholders in Arbe’s ability to execute on the opportunities ahead.”
