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Shares of Bruush Oral Care (NASDAQ:BRSH) soared in pre-market trading on Friday after it announced an agreement and plan of merger with Arrive Technology, a tech firm focused on facilitating the last inch of the last mile for autonomous delivery.
Under deal terms, Bruush and Arrive would conduct a business combination in the form of a reverse triangular merger via an all-stock transaction.
Upon completion of the Merger, the outstanding shares of Arrive will be exchanged for common shares of Bruush, representing about 94.5% of Bruush’s common shares on a fully diluted basis.
Meanwhile, legacy shareholders of Bruush would own about 5.5% shares of the company on a fully diluted basis.
The combined company will focus on the advancement and implementation of Arrive’s smart Mailbox-as-a-Service (MaaS) platform that makes the exchange of goods between people, robots, and drones frictionless through the use of artificial intelligence, the parties added.
The merger stands approved by the boards of both companies and is expected to close in the first quarter of 2024.
BRSH +117.59% premarket to $0.20 Source: Press Release