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Bruush Oral Care Inc. (NASDAQ:BRSH) and Arrive Technology have agreed to merge. Arrive is a technology company focused on facilitating the last inch of the last mile for autonomous delivery.
The new entity will be named Arrive Technology Inc., which aims to revolutionize the delivery landscape with its Mailbox-as-a-Service (MaaS) platform, integrating artificial intelligence (AI) to streamline the exchange of goods between humans, robots, and drones.
The shares of this combined entity are set to be listed on the Nasdaq Capital Market under the ticker symbol 'ARRV.'
The merger will be executed as a reverse triangular merger through an all-stock transaction.
Brüush (PubCo) through its wholly owned subsidiary (Merger Sub) will merge with and into Arrive (Target Company) with Target Company continuing under the name of Arrive Technology Inc. and as a wholly owned subsidiary of PubCo.
Before the merger, Brüush plans to execute a reverse stock split at a ratio of 6-for-1 to 200-for-1 and maintain a minimum net cash reserve of $10 million.
The merged company will concentrate on enhancing Arrive's operations, particularly in developing and implementing its Mailbox-as-a-Service platform.
Arrive's Chief Executive Officer Dan O'Toole commented, "This agreement and plan of merger will accelerate the development and deployment of our third-generation smart mailbox and continue to support the autonomous delivery revolution."
Price Action: BRSH shares are trading higher by 36.06% at $0.2313 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was Reviewed And Published By Benzinga Editors.
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