INDIANAPOLIS, June 28,
2024 /PRNewswire/ -- Arrive AI today announced that
its anticipated transaction with Brüush (Nasdaq BRSH) has reached
an impasse, and for that reason, the proposed triangular reverse
merger will not be the way that Arrive AI enters the public market.
Arrive AI will be terminating its merger agreement with Brüush
because Brüush has been suspended from Nasdaq due to its to comply
with requirements regulated by the Listing Qualifications
Department of The Nasdaq Stock Market.
"While I'm disappointed in the outcome, I believe that
everything happens for a reason," said Arrive AI CEO Dan O'Toole. "Optionality is a big way that we
run this company, and we are shifting gears to ensure that we get
to where we need to be. Sometimes the best deal is no deal, and I
believe this is one of those times."
O'Toole said Arrive AI was fully prepared on its end of the
agreement with Brüush.
"This recent news does not derail our strategy for going public.
We remain very optimistic that we will be listed on the Nasdaq this
year and are excited about our forward momentum," he
said. "Preparing for the possibility of this action, we met
this week with our investment banker, officials at the New York
Stock Exchange, the Nasdaq and other partners to ensure we have a
strong path forward toward entering the public market this year. We
received very positive response and are confident we will be public
before the end of the year."
In December 2023, Arrive and
Brüush inked a deal to enter into a reverse triangular merger
via an all-stock transaction that would result in Brüush through
its wholly owned subsidiary merging with and into Arrive AI.
"We were repeatedly advised that Brüush expected to
clear its Nasdaq hurdles, but in the end, that just wasn't the
case," O'Toole said.
By 2028, the autonomous last-mile (ALM) delivery market is
expected to surpass $51 billion. The
last mile of the delivery chain is the most expensive as it
requires delivery operations to get packages to consumers'
doorsteps. Arrive AI provides an intelligent solution for the last
inch of that last mile that solves package theft and damage and
ensures a secure chain of command that is important for sensitive
items and documents.
In collaboration with its partners, Arrive AI is establishing
the most comprehensive network of ALM access points for drones,
robotic and human delivery. At scale, the Arrive AI network will
generate unparalleled data for the development of advanced
artificial intelligence (AI) services and insights to enhance
automated delivery and make it smarter and more useful for
everyone, O'Toole said.
About Arrive Technology Inc.
Arrive AI's patented Mailbox-as-a-Service (MaaS) platform makes
the exchange of goods between people, robots and drones
frictionless through the use of artificial intelligence, leveraging
climate-assisted cargo space, smart alerts and advanced chain of
custody controls to secure the last inch of the last-mile for all
shippers, delivery services and autonomous delivery networks.
Media contact: Cheryl Reed, 379830@email4pr.com,
317-446-5240
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SOURCE Arrive AI