Summary by Moomoo AI
Arbe Robotics has completed its public offering, raising $15 million upfront through the sale of 8.25 million ordinary shares at $1.82 per share, accompanied by two types of warrants. The offering includes Tranche A Warrants with a $2.35 exercise price expiring in 2029 and Tranche B Warrants at $1.82 exercise price expiring in 2027, potentially providing additional proceeds of $34.4 million if fully exercised.The offering was led by institutional investors, including AWM Investment Company, Inc., with Canaccord Genuity as sole bookrunner and Roth Capital Partners as co-manager. The Tranche B Warrants' exercise is contingent on specific milestones, including securing a definitive supply agreement with a European automotive OEM for minimum 500,000 radar chipsets and meeting certain trading volume and price conditions.The company plans to use the net proceeds for working capital and general corporate purposes. This financing follows their previous $23 million funding round, demonstrating continued investor confidence in Arbe's radar technology, which offers 100 times more detailed imaging than market competitors for autonomous driving applications.
