TraceSafe Inc. (CSE:TSF) has provided an update from investee company, Airbeam Wireless Technologies Inc. which announced that it has terminated a previously announced amalgamation agreement with First Responder Technologies Inc. and intends instead to immediately pursue an alternative go-public arrangement.
Airbeam is an innovator in 5G-enabled Smart City technologies. The company sells a proprietary 60 GHz millimeter wave chipset, hardware, and software that power its Edge Computing Network (ECU). Airbeam acquired its technology from a leading semiconductor company, which spent in excess of $110 million USD on R&D.
READ: Tracesafe investee Airbeam Wireless Technologies launches C$25M raise, prepares public listing
With a combined volume of over $130 billion, according to Kathleen Smith from Renaissance Capital, the market for technology IPOs and SPACs is strong in Canada and the United States.
Airbeam's world-class management team and advisors are set to update Airbeam shareholders in the immediate future on next steps, and TraceSafe said it is confident that the new direction will not have a material impact on the timeline for monetization of the Airbeam investment. Vancouver-based Tracesafe owns 9.8 million Airbeam shares or about 14.3% of outstanding shares.
On March 5, Tracesafe had noted that Airbeam Wireless was launching a C$25 million raise and had plans to go public.
TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low power bluetooth beacons and enterprise cloud management. It's leading cloud management solution ensures both user privacy and comprehensive administrative control.
The company's patented contact tracing bracelet has already been deployed in mission-critical quarantine applications around the world in partnership with leading governments. In addition to their government work, TraceSafe is developing leading-edge solutions for Enterprise, Healthcare, Education, Government and large-scale venue management.
Contact the author at jon.hopkins@proactiveinvestors.com