Company: ARAI
Filing Date: 2025-05-14
Form Type: DRS
Source: 0001641172-25-010170
Chunk: 99

Company: Arrive AI Inc.
Filing Date: 2025-05-14
Form: DRS
Chunk 99
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’s common shares at a ratio within the range of 6-for-1 to 200-for-1. PubCo,
as of the closing, would maintain a net cash minimum as defined in the terms of the Merger Agreement consisting of cash and cash equivalents
after full payment of current liabilities, including any financing in connection with the above referenced amount and all expenses related
to the transaction (“Net Cash Minimum”). After closing, PubCo would sell, transfer and assign all existing legacy business,
assets and liabilities of PubCo (“Legacy Business”) to a purchaser, including in the form of a newly established entity (“Purchaser”),
and pursuant to that certain separation and distribution agreement to be entered into by and between PubCo and Purchaser on terms and
conditions to be mutually agreed by PubCo and Purchaser (the “Separation Agreement”). The sale, transfer and assignment of
the Legacy Business would be conducted after the Merger became effective. The Merger Agreement contained customary representations and
warranties by the parties thereto. Certain of the representations and warranties qualified by materiality. The Merger Agreement also
contained pre-closing covenants by the parties thereto, including obligations of the parties to use reasonable efforts to operate their
respective businesses in the ordinary course consistent with past practice, and to refrain from taking certain specified actions without
the prior written consent of the other applicable parties, in each case, subject to certain exceptions and qualifications. Under the
Merger Agreement, the obligations of the parties to consummate the Merger were subject to a number of customary conditions including,
among others: “…PubCo having satisfied any applicable continuing listing requirements of Nasdaq and PubCo having not received
any notice of non-compliance therewith”.

The PubCo was delisted from the Nasdaq Stock Market
LLC in June 2024. The company terminated the Merger Agreement with the PubCo on or around July 11, 2024 on the basis of PubCo’s
failure to comply with several of the conditions to the closing of the Merger Agreement, the most relevant ones being PubCo’s failure
to comply with the continuous listing requirements and qualifications of the Nasdaq Capital Market and maintain the requisite cash reserves
to consummate the transaction.

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Human Capital Resources

As of December 31, 2024, Arrive had 7 full-time employees. The Company also has approximately 15 part-time contract employees.

Property

Our corporate headquarters is located at 12175 Vision