Arbe Announces Issuance of Convertible Debentures
Summary
TEL AVIV, Israel, June 6, 2024 /PRNewswire/ -- , (NASDAQ: ARBE) (TASE: ARBE), a global leader in perception radar solutions, announced today the issuance of convertible debentures in the principal amount of NIS 110,000,000 (approximately $30 million) to Israeli investors. The closing price of Arbes ordinary shares on Nasdaq not being less than $3.10 on the date the Company presents evidence of fulfillment of the preceding conditions to the Trustee.If any debentures are converted into ordinary shares, the corresponding funds in the escrow account will be released to Arbe.The terms of the debentures, including financial covenants, are set forth in the deed of trust, which is available in Hebrew on the Israel Securities Authoritys MAGNA system. An English translation will be filed with the U.S. Securities and Exchange Commission as an amendment to a Form 6-K.About ArbeArbe (NASDAQ: ARBE), a global leader in Perception Radar solutions, is spearheading a radar revolution, enabling truly safe driver-assist systems today while paving the way to full autonomous-driving. 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 relate only to the date they were made, and the Company 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, the Companys website or any other website or any social media is expressly not incorporated by reference into and is not a part of this press release.