Arrive AI Terminates Merger Agreement With Brüush Following Delisting

Dow Jones06-29

By Adam L. Cataldo

Arrive AI said on Friday it would terminate a merger agreement with Brüush following its suspension from Nasdaq due to a failure to comply with listing requirements.

Arrive AI's Chief Executive Officer Dan O'Toole said the company took steps to ready itself in case its agreement with Brüush fell through.

"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," O'Toole said. "We received very positive response and are confident we will be public before the end of the year."

The two companies signed a deal in December 2023 to enter into a reverse triangular merger via an all-stock transaction. That deal was supposed to result in Brüush through its wholly owned subsidiary merging with and into Arrive AI.

Indianapolis-based Arrive AI describes itself as a Mailbox-as-a-Service (MaaS) platform that makes the exchange of goods between people, robots and drones easier through artificial intelligence.

Write to Adam Cataldo at adam.cataldo@wsj.com

(END) Dow Jones Newswires

June 28, 2024 18:13 ET (22:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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