binarypublishIndianapolis-based tech startup Arrive Technology Inc. recently announced its plans to go public through a merger with Canada’s Bruush Oral Care Inc. The transaction will take place through an all-stock reverse triangular merger and is set to close in Q1 of 2024.
- The combined company will continue to operate under the name Arrive, and will trade on the Nasdaq Capital Market with the ticker symbol ARRV.
- The merger will provide Arrive with $10 million from Bruush’s balance sheet.
- The new company will remain based in Indianapolis and be led by Arrive’s current management team.
- A five-member Board of Directors will be created, with one member selected by Bruush and the rest by Arrive.
Arrive, formerly known as DroneDek Corp., is known for creating smart mailboxes suitable for drone, courier, or robot deliveries. Founded in 2019, the company currently employs 16 full-time workers and numerous contractors.
Bruush is an e-commerce company based in Vancouver, selling electric toothbrushes. Since its founding in 2018, the company has grown to 11 contracted employees as of October 2022.
Despite the merger, no Bruush employees will be added to Arrive’s team. However, the latter plans to hire additional workers in 2024, which could potentially double the current headcount.
Beyond the financial boost, the merger will also elevate Arrive’s standing among potential investors and customers. It would also bring liquidity to the startup’s existing investors – to date, Arrive has garnered about $9 million from three crowdfunding campaigns and an additional campaign for accredited investors.
Prior to closing the deal, Bruush intends to conduct a reverse stock split ranging from 6-for-1 to 200-for-1, thereby increasing the value of its present shares. Post-merger, Arrive’s shareholders will exchange their shares for those in the newly combined company.
