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An Indianapolis-based startup that is developing a patented smart mailbox is making early preparations to go public. Arrive, which recently changed its name from Dronedek, said Monday it has secured a ticker symbol for eventual listing on the Nasdaq stock market.
Arrive CEO Dan O’Toole called the planned initial public offering a “natural next step for us as we prepare to roll out our smart mailboxes for use by consumers and companies building their autonomous delivery networks.”
While no filings have been made with the Securities & Exchange Commission regarding Arrive’s public offering, O’Toole said he is targeting early 2024 to make the initial filing. The company has secured the ticker symbol ARRV.
Arrive launched in 2019 as Dronedek after unveiling its smart mailbox, which is designed to provide a secure, climate-controlled mailbox that can accept deliveries from traditional mail couriers, as well as robots and drones.
The company, which rebranded to Arrive last month, said the mailbox can adjust its temperature to accommodate deliveries of food or medical supplies and provide security to help residents avoid theft of their packages.
O’Toole said in a news release that the company’s plan to go public is no secret.
“It’s been a tremendously busy past several months,” O’Toole said. “We have been meeting with major players, adding new partners and associates around the country. We’ve hit every mark we’ve set out for ourselves. Taking delivery of new units and going public are the next big milestones.”
Last October, Arrive launched a crowdfunding campaign on StartEngine that, to date, has raised over $740,000 with about 17 days remaining.
In total, Arrive said it has raised more than $8.5 million from 4,700 investors. The company has also recently announced partnerships with several companies, including Hush Aerospace, which works to reduce drone noise levels, and Joule Case, which will provide emissions-free battery power for the mailbox units.
In 2021, Arrive said it has received a commitment from the Indiana Economic Development Corp. to provide up to $1.7 million in conditional tax credits, which the company would not be eligible to claim until it fulfilled its goal of hiring 85 new employees by the end of 2025.
O’Toole said last month that the company is on pace to hit that goal.
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The HOA’s aren’t going to like this mailbox!
I have been following Arrive/Dronedek since Dan O’Tooole launched this venture. It’s a fantastic product and I’m excited for them!!!