Otonomo Announces Shareholder Approval of Business Combination with Urgently
19 Septiembre 2023 - 3:25PM
Otonomo Technologies Ltd. (Nasdaq: OTMO) (“Otonomo”), the platform
powering the mobility economy, today announced that its
shareholders approved its proposed business combination with
Urgent.ly, Inc. (“Urgently”), a U.S.-based leading provider of
digital roadside and mobility assistance technology and services,
at a special meeting of shareholders held yesterday. A Form 6-K
disclosing the full voting results was filed with the Securities
and Exchange Commission.
Upon closing of the transaction, which is expected to occur
before the end of October 2023, the combined company will operate
under the name Urgent.ly, Inc. and its common stock is expected to
be listed on The Nasdaq Stock Market LLC under the ticker symbol
“ULY”, subject to the approval of Nasdaq.
About OtonomoOtonomo (NASDAQ: OTMO), the
platform powering the mobility economy, is igniting a new
generation of mobility experiences and services and is making
mobility more accessible, equitable, sustainable and safe. With
Otonomo, over 100 providers in the transportation, mobility,
insurance, and automotive industries are finally able to harness
mobility data and insights and transform them into strategic assets
and market advantages. Our partners gain access to the broadest,
most diverse range of data from connected vehicles with just one
contract and one API. Architected with privacy and security by
design, our platform is GDPR, CCPA, and other privacy regulation
compliant, ensuring all parties are protected and companies remain
privacy compliant across geographies worldwide. Otonomo has R&D
centers in Israel and the UK, with a presence in the United States
and Europe. For more information, visit www.otonomo.io.
About UrgentlyUrgently keeps vehicles and
people moving by delivering safe, innovative, and exceptional
mobility assistance experiences. The company’s digitally native
software platform combines location-based services, real-time data,
AI and machine-to-machine communication to power roadside
assistance solutions for leading brands across automotive,
insurance, telematics and other transportation-focused verticals.
Urgently fulfills the demand for connected roadside assistance
services, enabling its partners to deliver exceptional user
experiences that drive high customer satisfaction and loyalty, by
delivering innovative, transparent and exceptional connected
mobility assistance experiences on a global scale. For more
information, visit www.geturgently.com.
For media and investment inquiries, please contact:
Otonomo
press@otonomo.io
Forward Looking Statements
This release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are based
upon current plans, estimates and expectations of management of
Otonomo in light of historical results and trends, current
conditions and potential future developments, and are subject to
various risks and uncertainties that could cause actual results to
differ materially from such statements. The inclusion of
forward-looking statements should not be regarded as a
representation that such plans, estimates and expectations will be
achieved. Words such as “anticipate,” “expect,” “project,”
“intend,” “believe,” “may,” “will,” “should,” “plan,” “could,”
“continue,” “target,” “contemplate,” “estimate,” “forecast,”
“guidance,” “predict,” “possible,” “potential,” “pursue,” “likely,”
and words and terms of similar substance used in connection with
any discussion of future plans, actions or events identify
forward-looking statements. All statements, other than historical
facts, including statements regarding the expected timing of the
closing of the proposed transaction; the ability of the parties to
complete the proposed transaction considering the various closing
conditions; the expected benefits of the proposed transaction; and
any assumptions underlying any of the foregoing, are
forward-looking statements. Important factors that could cause
actual results to differ materially from Otonomo’s and Urgently’s
plans, estimates or expectations could include, but are not limited
to: (i) the risk that the proposed transaction may not be completed
in a timely manner or at all, which may adversely affect Otonomo’s
and Urgently’s businesses and the price of Otonomo’s traded
securities; (ii) uncertainties as to the timing of the consummation
of the proposed transaction and the potential failure to satisfy
the conditions to the consummation of the proposed transaction;
(iii) the proposed transaction may involve unexpected costs,
liabilities or delays; (iv) Otonomo’s or Urgently’s respective
businesses may suffer as a result of uncertainty surrounding the
proposed transaction and disruption of management’s attention due
to the proposed transaction; (v) the outcome of any legal
proceedings related to the proposed transaction or otherwise, or
the impact of the proposed transaction thereupon; (vi) Otonomo or
Urgently may be adversely affected by other economic, business,
and/or competitive factors; (vii) the occurrence of any event,
change or other circumstances that could give rise to the
termination of the merger agreement and the proposed transaction;
(viii) restrictions during the pendency of the proposed transaction
that may impact Otonomo’s or Urgently’s ability to pursue certain
business opportunities or strategic transactions; (ix) the risk
that Otonomo or Urgently may be unable to obtain governmental and
regulatory approvals required for the proposed transaction, or that
required governmental and regulatory approvals may delay the
consummation of the proposed transaction or result in the
imposition of conditions that could reduce the anticipated benefits
from the proposed transaction or cause the parties to abandon the
proposed transaction; (x) risks that the anticipated benefits of
the proposed transaction or other commercial opportunities may
otherwise not be fully realized or may take longer to realize than
expected; (xi) the impact of legislative, regulatory, economic,
competitive and technological changes; (xii) the risk that
integration of Otonomo and Urgently post-closing may not occur as
anticipated or the combined company may not be able to achieve the
growth prospects and synergies expected from the transaction, as
well as the risk of potential delays, challenges and expenses
associated with integrating the combined company’s existing
businesses; (xiii) exposure to inflation, currency rate and
interest rate fluctuations and risks associated with doing business
locally and internationally; (xiv) the impact of the COVID-19
pandemic on Otonomo’s and Urgently’s business and general economic
conditions; and (xv) the unpredictability and severity of
catastrophic events, including, but not limited to, acts of
terrorism or outbreak of war or hostilities, as well as Otonomo’s
and Urgently’s response to any of the aforementioned factors.
Additional factors that may affect the future results of Otonomo
are set forth in its filings with the United States Securities and
Exchange Commission (the “SEC”), including Otonomo’s most recently
filed Annual Report on Form 20-F, Current Reports on Form 6-K, and
other filings with the SEC, which are available on the SEC’s
website at www.sec.gov. See in particular Item 3D of Otonomo’s
Annual Report on Form 20-F for the fiscal year ended December 31,
2022 under the heading “Risk Factors.” The risks and uncertainties
described above and in the SEC filings cited above are not
exclusive and further information concerning Otonomo and Urgently
and their respective businesses, including factors that potentially
could materially affect their respective businesses, financial
conditions or operating results, may emerge from time to time.
Readers are urged to consider these factors carefully in evaluating
these forward-looking statements, and not to place undue reliance
on any forward-looking statements. Readers should also carefully
review the risk factors described in other documents that Otonomo
and Urgently file from time to time with the SEC. The
forward-looking statements in this release speak only as of the
date of this release. Except as required by law, Otonomo and
Urgently assume no obligation to update or revise these
forward-looking statements for any reason, even if new information
becomes available in the future.
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