Arbe Robotics reports closing of $18.5M underwritten registered direct offering

Arbe Robotics (ARBE) announced the closing of its previously announced public offering of an aggregate of 13,225,000 ordinary shares, which includes 1,725,000 ordinary shares issued pursuant to the full exercise by the underwriters of their over-allotment option. The offering was priced at $1.40 per ordinary share, resulting in gross proceeds of approximately $18.5M before deducting underwriting discounts and commissions and other offering expenses. The company intends to use the net proceeds from this offering for working capital and general corporate purposes. This deal was led by certain institutional investors, including AWM Investment Company, Inc., the investment adviser of the Special Situations Funds, which also participated in numerous of the Company’s previous financings. Canaccord Genuity acted as sole bookrunner for the offering, with Roth Capital Partners and WestPark Capital acting as co-managers for the offering.