Arrive AI Statement on Merger Partner's Nasdaq Delisting

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Jun 28, 2024, 16:32 ET

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 failure to comply with requirements regulated by the Listing Qualifications Department of The Nasdaq Stock Market.

ArriveAI logo and image

"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."

See O'Toole's commentary here:
https://m.youtube.com/watch?v=LCs4u6Adt3g&feature=youtu.be

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, [email protected], 317-446-5240

SOURCE Arrive AI