Tech startup Arrive inches closer to public listing
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Indianapolis-based smart mailbox startup Arrive AI is continuing to make moves as it plans to go public. The company formerly known as Dronedek announced this week that it will transition to a new ticker symbol, ARAI, ahead of its direct listing on the Nasdaq Stock Market.
The startup had previously secured the ticker symbol AARV, but CEO Dan O’Toole said in a news release that the change better reflects the company’s identity and commitment to integrating artificial intelligence into its platform.
“As we move closer to our public offering, this updated symbol represents the next step in our journey to revolutionize last-mile delivery through cutting-edge technology,” O’Toole said.
Arrive AI was founded in 2019 and has developed a climate-controlled, secure, smart mailbox for deliveries made by drones, couriers or robots. The mailbox could be used to keep food deliveries warm or cold, and also lock packages in place until the owner retrieves them.
The company is targeting the fourth quarter for its listing on the Nasdaq. A crowdsourcing effort on PicMii to raise additional funding ends in a few days.
Arrive said it has raised more than $2 million on this round and more than $11 million since its founding.
“We are getting closer to being listed on the Nasdaq and have been actively meeting with the SEC and investment bankers in New York to finalize our public offering,” O’Toole said. “Going public is a critical step for us as we continue to expand our market presence and deliver our smart mailboxes to consumers and companies building autonomous delivery networks.”
Previous plans for Arrive to go public were scrapped earlier this year.
In December, the company said it was merging with Canada-based Brüush Oral Care Inc., a publicly traded e-commerce company that sells electric toothbrushes. However, our partners at the IBJ reported last month that those plans were called off after Brüush was suspended from the Nasdaq.