Exhibit 99.1
ARBE ROBOTICS LTD. AND SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2024
IN U.S. DOLLARS
UNAUDITED
INDEX
- - - - - - - - - - - - - - - - - - - - - - -
F-1
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
September 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Restricted cash | ||||||||
| Short term bank deposits | ||||||||
| Trade receivable | ||||||||
| Other assets – funds held in escrow | ||||||||
| Prepaid expenses and other receivables | ||||||||
| Total current assets | ||||||||
| NON-CURRENT ASSETS: | ||||||||
| Operating lease right-of-use assets | ||||||||
| Property and equipment, net | ||||||||
| Total non-current assets | ||||||||
| Total assets | $ | $ | ||||||
F-2
ARBE ROBOTICS LTD. AND SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)
U.S. dollars in thousands
| September 30, 2024 |
December 31, 2023 |
|||||||
| (Unaudited) | (Audited) | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Trade payables | ||||||||
| Operating lease liabilities | ||||||||
| Employees and payroll accruals | ||||||||
| Convertible bonds | ||||||||
| Accrued expenses and other payables | ||||||||
| Total current liabilities | ||||||||
| LONG-TERM LIABILITIES: | ||||||||
| Operating lease liabilities | ||||||||
| Warrant Liability | ||||||||
| Total long-term liabilities | ||||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Ordinary Shares, NIS |
) | ) | ||||||
| Additional paid-in capital | ||||||||
| Accumulated deficit | ( |
) | ( |
) | ||||
| Total shareholders’ equity | ||||||||
| Total liabilities and shareholders’ equity | $ | $ | ||||||
*)
F-3
ARBE ROBOTICS LTD. AND SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
Nine months ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| Revenues | $ | $ | ||||||
| Cost of revenues | ||||||||
| Gross profit (loss) | ( | ) | ||||||
| Operating expenses: | ||||||||
| Research and development, net | ||||||||
| Sales and marketing | ||||||||
| General and administrative | ||||||||
| Total operating expenses | ||||||||
| Operating loss | ( | ) | ( | ) | ||||
| Financing expenses (income), net | ( | ) | ||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Basic net loss per ordinary share | ( | ) | ( | ) | ||||
| Weighted-average number of shares used in computing basic net loss per ordinary share | ||||||||
| Basic and diluted loss per ordinary share | $ | ( | ) | $ | ( | ) | ||
| Weighted-average number of shares used in computing diluted net loss per ordinary share | ||||||||
F-4
ARBE ROBOTICS LTD. AND SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
U.S. dollars in thousands (except share data)
| Ordinary Shares | Additional paid-in | Accumulated | Total Shareholders’ | |||||||||||||||||
| Number | Amount | capital | deficit | equity | ||||||||||||||||
| Balance at December 31, 2023 | ) | ( | ) | |||||||||||||||||
| Stock-based compensation | - | |||||||||||||||||||
| Exercise of options and vested RSUs | ) | |||||||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||
| Balance at September 30, 2024 (Unaudited) | ) | ( | ) | |||||||||||||||||
| *) |
The accompanying notes are an integral part of the condensed interim consolidated financial statements
F-5
ARBE ROBOTICS LTD. AND SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
U.S. dollars in thousands (except share data)
| Ordinary Shares | Additional paid-in | Accumulated | Total Shareholders’ | |||||||||||||||||
| Number | Amount | capital | deficit | equity | ||||||||||||||||
| Balance at December 31, 2022 | ) | ( | ) | |||||||||||||||||
| Stock-based compensation | - | |||||||||||||||||||
| Exercise of options and vested RSUs | ) | |||||||||||||||||||
| Issuance of ordinary shares, net issuance costs | ||||||||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||
| Balance at September 30, 2023 (Unaudited) | ) | ( | ) | |||||||||||||||||
| *) | Represents less than $1. |
The accompanying notes are an integral part of the condensed interim consolidated financial statements
F-6
ARBE ROBOTICS LTD. AND SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
U.S. dollars in thousands
| Nine months ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| Cash flows from operating activities | ||||||||
| Net Loss | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile loss to net cash used in operating activities: | ||||||||
| Depreciation | ||||||||
| Share-based compensation | ||||||||
| Warrants to service providers | ||||||||
| Revaluation of warrants | ( | ) | ( | ) | ||||
| Revaluation of convertible bonds accretion | ||||||||
| Changes in operating assets and liabilities: | ||||||||
| Decrease in trade receivable | ||||||||
| Decrease (increase) in prepaid expenses and other receivables | ( | ) | ||||||
| Issuance costs related to convertible bonds | ||||||||
| Operating lease ROU assets and liabilities, net | ( | ) | ||||||
| Increase (decrease) in trade payables | ( | ) | ( | ) | ||||
| Increase (decrease) in employees and payroll accruals | ( | ) | ||||||
| Decrease in accrued expenses and other payables | ( | ) | ( | ) | ||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities: | ||||||||
| Change in bank deposits | ( | ) | ||||||
| Purchase of property and equipment | ( | ) | ( | ) | ||||
| Net cash provided by (used in) investing activities | ( | ) | ||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of ordinary shares, net of issuance costs | ||||||||
| Issuance costs related to convertible debentures | ( | ) | ||||||
| Proceeds from exercise of options | ||||||||
| Net cash provided by (used in) financing activities | ( | ) | ||||||
| Effect of exchange rate fluctuations on cash and cash equivalent | ( | ) | ||||||
| Decrease in cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||||
| Cash, cash equivalents and restricted cash at the beginning of period | ||||||||
| Cash, cash equivalents and restricted cash at the end of period | ||||||||
| Supplemental non-cash disclosure: | ||||||||
| Purchase of property and equipment | ||||||||
| Lease liabilities arising from obtaining right-of-use assets | ||||||||
| Issuance of convertible bonds | ||||||||
F-7
ARBE ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
Note 1:- General
| a. | Arbe Robotics Ltd. (the “Company”) was founded and registered on November 4, 2015 and commenced its activities in January 2016. The Company, a global leader in Perception Radar solutions, is spearheading a radar revolution, enabling truly safe driver-assist systems today while paving the way to full autonomous-driving. The Company’s radar technology is a critical sensor for L2+ and higher autonomy. The Company is empowering automakers, Tier 1 suppliers, autonomous ground vehicles, commercial and industrial vehicles, and a wide array of safety applications with advanced sensing and paradigm changing perception. The Company’s Ordinary Shares and Warrants are listed on the Nasdaq Capital Market under the symbols “ARBE” and “ARBEW,” respectively. |
| b. | On October 26, 2017, the Company established a Delaware subsidiary, Arbe Robotics US Inc. Arbe Robotics US Inc is engaged mainly in the Company’s sales and will operate as the Company’s distributor in the U.S. |
On February 5, 2024, the Company established a Chinese subsidiary, Shanghai Arbe Technologies Co., Ltd (“Arbe China”). Arbe China was formed to assist mainly in providing customer support in the China region.
F-8
ARBE ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
Note 1:- General (Cont.)
| c. | On May 30, 2024, the Company announced that its ordinary shares are now traded on both Nasdaq and the Tel Aviv Stock Exchange and that the Company received preliminary commitments with respect to its proposed convertible bonds offering. See also note 4. |
| d. | The Company depends on one supplier for the development and productization of its products. If this supplier fails to deliver or delays the delivery of the necessary products, the Company will be required to seek alternative sources of supply. A change in supplier could result in manufacturing delays and increased costs, which could result in a possible loss of sales which would adversely affect the Company’s business, prospects, results of operations and financial position. |
| e. | As the Company operates internationally and substantially all of its revenue is derived from sales outside of Israel, the business is affected by inflation, supply chain issues and economic conditions in countries in which the Company is seeking to conduct business, security and cybersecurity issues, fiscal and monetary policies, interest rates and regulations affection the automobile industry, the timing by the automobile and other industries on the introduction of unmanned automobiles and other unmanned devices, safety concerns and well as the effect of regional conflicts and steps taken by governments with respect to parties to such conflicts. As an Israeli company, the Company is also subject to the effect on Israel and the Israeli economy of the present war with Hamas as well as any other regional conflicts which may develop and the relationship between Israel and other countries, including the United States, China and the European Union. |
Note 2: - Significant Accounting Policies
| a. | Unaudited interim consolidated financial statements: |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, these interim condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments necessary for a fair presentation.
F-9
ARBE ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
Note 2: - Significant Accounting Policies (Cont.)
The balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements of the Company at that date but does not include all information and footnotes required by U.S. GAAP for complete financial statements.
The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2023.
The significant accounting policies disclosed in the Company’s audited 2023 consolidated financial statements and notes thereto have been applied consistently to these unaudited interim consolidated financial statements. Results for the nine months ended September 30, 2024 are not necessarily indicative of results that may be expected for the year ending December 31, 2024.
| b. | Use of estimates: |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions including fair value of warrants and share-based compensation. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.
F-10
ARBE ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
Note 2: - Significant Accounting Policies (Cont.)
| c. | Recently not yet adopted accounting pronouncements: |
| 1. | In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. |
| 2. | 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU will be effective for fiscal years beginning after December 15, 2025, and allows adoption on a prospective basis, with a retrospective option. The Company is in the process of assessing the impacts and method of adoption. |
| d. | Recently not yet adopted accounting pronouncements: |
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.
F-11
ARBE ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 3:- REVENUE
Disaggregation of Revenues
Nine months ended September 30, | ||||||||||||||||
| 2024 | 2023 | |||||||||||||||
| Revenue | % of Revenue | Revenue | % of Revenue | |||||||||||||
| Revenue by geography: | ||||||||||||||||
| USA | $ | % | $ | % | ||||||||||||
| Sweden | % | % | ||||||||||||||
| Germany | % | % | ||||||||||||||
| China | % | % | ||||||||||||||
| Taiwan | % | |||||||||||||||
| Israel | % | |||||||||||||||
| HK | % | |||||||||||||||
| Total revenue | $ | % | $ | % | ||||||||||||
Contract Liabilities
There are no changes to contract liabilities accounting policy from the audited consolidated financial statements and accompanying notes for the year ended December 31, 2023.
Remaining Performance Obligation
The Company’s
remaining performance obligations are comprised of product and engineering services not yet performed. As of September 30, 2024,
the aggregate amount of the transaction price allocated to remaining performance obligations was $
Note 4:- CONVERTIBLE BONDS
In June 2024, the Company issued convertible bonds in the principal
amount of NIS
F-12
ARBE ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
Note 5:- COMMITMENTS AND CONTINGENT LIABILITIES
The Company participated in programs
sponsored mainly by the Israeli Innovation Authority (“IIA”), an Israeli government agency, for the support of its research
and development activities. Through September 30, 2024, the Company had obtained grants aggregating to $
Note 6:- LEASES
The Company has five non-cancelable operating lease agreements for certain office spaces in Israel. The leases have original lease periods expiring until 2027, some of which may include options to extend the leases for up to three additional years. The Company does not assume renewals in its determination of the lease term unless the renewals are considered as reasonably certain to exercise.
Supplemental cash flow information related to leases was as follows:
Nine
months ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash payments and expenses related to operating leases | ( | ) | ( | ) | ||||
| Operating lease right-of-use assets and liabilities, net | ( | ) | ||||||
| Operating leases | ||
| 2024 (three months ended December 31, 2024) | ||
| 2025 | ||
| 2026 | ||
| 2027 | ||
| 2028 | ||
| 2029 | ||
| 2030 | ||
| Total lease payments |
F-13
ARBE ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
Note 6:- LEASES (Cont.)
| September 30, | ||||
| 2024 | ||||
| Operating lease right-of-use assets | $ | |||
| Current maturities of operating leases | $ | |||
| Long-term operating lease liabilities | $ | |||
| Weighted average remaining lease term (in years) | ||||
| Weighted average discount rate | % | |||
Note 7:- warrant liability
The Company has a derivative warrant liability related to
The Company utilizes a Black-Scholes option pricing model to estimate
the fair value of the private placement warrants (hereinafter: the “warrants”) and are considered a Level 3 fair value measurement.
Black-Scholes option pricing model takes into consideration certain parameters in computation of the fair value of the warrants which
the significant parameter is expected volatility. The Company computed a sensitivity analysis of the fair value to changes of the expected
volatility. The volatility impact of +/-
The warrants are measured at each
reporting period, with changes in fair value recognized in the statement of operations. For the nine months ended September 30 2024 and
2023, the Company recognized ($
Note 8:- Share Capital
| a. | In connection with the Merger, the Company adopted its restated
articles, pursuant to which the Company’s authorized capital consisted of |
| b. | During June 2023, the Company raised $ |
F-14
ARBE ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
Note 9:- SHARE BASED COMPENSATION
| a. | General: |
During 2016, the Company adopted the 2016 Share
Incentive Plan (the “2016 Plan”) which provides the Company with the ability to grant its employees, directors and service
providers options to purchase Ordinary Shares of the Company, at a purchase price as determined by the Board of Directors at the date
of grant. Pursuant to the 2016 Plan,
In August 2021, the Board of the Company approved and in September
2021 the shareholders approved, the Arbe Robotics Ltd. 2021 Equity Incentive Plan (the “2021 Plan”) which became effective
on October 7, 2021. The 2021 Plan covers (a)
| b. | During the nine months ended September 30, 2024, the Company
granted options and RSUs to purchase |
| c. | Fair value factors: |
Nine months ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Expected term, in years | ||||||||
| Expected volatility | % | % | ||||||
| Risk-free interest rate | % | % | ||||||
| Expected dividend yield | % | % | ||||||
F-15
ARBE ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
Note 9:- SHARE BASED COMPENSATION (Cont.)
Fair Value:
Prior to the Merger, which resulted in the Company becoming a public entity, in determining the fair value for share options granted, the board of directors considered the fair value of the ordinary shares as of each grant date. The fair value of the ordinary shares underlying the share options was determined by the board of directors at each award grant date based upon a variety of factors, including the results obtained from independent third-party valuations, the Company’s financial position and historical financial performance, the status of technological developments within the Company’s products, the composition and ability of the current management team, an evaluation or benchmark of the Company’s competition, the current business climate in the marketplace, the illiquid nature of the ordinary shares, arm’s length sales of the Company’s capital stock, the effect of the rights and preferences of the Company’s preferred shareholders, and the prospects of a liquidity event, among others. Subsequent to the Company becoming a public entity, the fair value of the Ordinary Shares is the market price of the Ordinary Shares on the date of grant.
Expected volatility:
As the Company was privately owned until October 2021, there is not sufficient historical volatility for the expected term of the stock options. Therefore, the Company uses an average historical share price volatility based on an analysis of reported data for a peer group of comparable publicly traded companies which were selected based upon industry similarities.
Expected term (years):
Expected term represents the period that the Company’s option grants are expected to be outstanding. There is not sufficient historical share exercise data to calculate the expected term of the stock options. Therefore, the Company elected to utilize the simplified method to value option grants. Under this approach, the weighted-average expected life is presumed to be the average of the shortest vesting term and the contractual term of the option.
Risk-free interest rate:
The Company determined the risk-free interest rate by using a weighted-average equivalent to the expected term based on the U.S. Treasury yield curve in effect as of the date of grant.
Expected dividend yield:
The Company does
not anticipate paying any dividends in the foreseeable future. Thus, the Company used
F-16
ARBE ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
Note 9:- SHARE BASED COMPENSATION (Cont.)
| d. |
Nine months ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Research and development | $ | $ | ||||||
| Sales and marketing | ||||||||
| General and administrative | ||||||||
| Cost of revenues | ||||||||
| Total stock-based compensation expense | $ | $ | ||||||
Share based compensation expenses are not deductible for Israeli income tax purposes, and therefore the Company did not recognize any tax benefits related to the share-based compensation for the nine months ended September 30, 2024 and 2023.
During
the nine months ended September 30, 2024 and 2023, the Company recognized the total fair value of warrants issued to non-employee service
providers of $
NOTE 10:- NET LOSS PER SHARE ATTRIBUTIBLE TO ORDINARY SHAREHOLDERS
Nine months ended September 30, | ||||||||
| 2024 | 2023 | |||||||
Basic Numerator: | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Denominator: | ||||||||
| Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic | ||||||||
| Net loss per share attributable to ordinary shareholders, basic | $ | ( | ) | $ | ( | ) | ||
Diluted Numerator: | ||||||||
| Adjusted Net loss | $ | ( | ) | $ | ( | ) | ||
| Denominator: | ||||||||
| Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, diluted | ||||||||
| Net loss per share attributable to ordinary shareholders, diluted | $ | ( | ) | $ | ( | ) | ||
| * | Loss per share attributable to ordinary shareholders, diluted, was adjusted and take into consideration warrants liabilities revaluations as part of our net loss for the nine months of 2024 and 2023. |
F-17
ARBE ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 11:- SEGMENT INFORMATION
The Company operates in one operating and reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker, who is the Company’s chief executive officer (“CEO”), in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the consolidated level.
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Israel | $ | $ | ||||||
| United States | ) | ) | ||||||
| Total property and equipment, net: | $ | $ | ||||||
| *) |
Number of Customers accounted for over 10% of Revenue:
During the nine months ended September 30, 2024, the Company had four
customers that accounted for
NOTE 12:- SUBSEQUENT EVENTS
On November 1, 2024, the Company commenced an underwritten public offering (the “Offering”) of an aggregate of (i)
The net proceeds from the Offering,
after deducting underwriting discounts and commissions and offering expenses payable by the Company, were approximately $
- - - - - - - - - - - - - - - - - -
F-18