Arrive AI, which is developing autonomous last-mile delivery services, announced on Wednesday that it had received approval to list its shares on the Nasdaq and expects trading to commence today, 5/15.
The company registered about 30 million shares for sale by existing stockholders. Arrive AI will not raise new capital in the listing but announced that prior to its public listing, it raised nearly $12 million primarily through crowdfunding and secured $40 million in funding from an institutional investor.
Arrive AI is developing autonomous last mile mailboxes (ALMs), designed to support deliveries done by robots and drones. Arrive AI is also developing a suite of software and services for its ALMs, including features for scheduling, space optimization, and notifications. The company is in the development stage, and has generated no revenues to date.
Arrive AI plans to list on the Nasdaq under the symbol ARAI. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Maxim served as a financial advisor.
