Indianapolis-based smart-mailbox startup Arrive AI has called off its planned merger with Canada-based Brüush Oral Care Inc.

In December, Arrive announced it planned to go public by merging with Vancouver, British Columbia-based Brüush, a publicly traded e-commerce company that sells electric toothbrushes. At the time of that announcement, Arrive said it anticipated closing the merger in the first quarter of 2024.

But late Friday, Arrive said it was terminating the merger agreement because Brüush had been suspended from the Nasdaq Stock Market for failure to comply with Nasdaq’s qualifications for listing.

“We were repeatedly advised that Brüush expected to clear its Nasdaq hurdles, but in the end, that just wasn’t the case,” Arrive CEO Dan O’Toole said in a written statement.

Under terms of the deal, the combined company would have been based in Indianapolis and led by Arrive’s existing management team, headed by O’Toole.

O’Toole said Arrive is still working to become a publicly traded company, and he believes that will happen by year’s end.

Arrive launched in 2019 and did business as DroneDek Corp. until a rebranding last year, when it became Arrive Technology Inc. The company, which rebranded again this year as Arrive AI, has developed a climate-controlled, secure receptacle for deliveries made by drones, couriers, or robots.

One of Nasdaq’s listing requirements is that a company must have an audit committee made up of at least three people, all of whom are independent directors. On April 18, Brüush disclosed in a Securities and Exchange Commission filing that it had missed an April 12 deadline to come into compliance with the requirement. In its filing, Brüush noted that it had submitted a compliance plan to a Nasdaq hearings panel but had not yet received a decision.

Brüush also fell out of compliance with Nasdaq’s minimum share price requirement and because of a delinquency in filing its annual report for the year ended Oct. 31, 2023.

The Indianapolis Colts are approaching the 2024 regular season with sky-high potential. While the expectations are relatively low given the overall youth of Indy’s squad, Shane Steichen likely wants the team to be playoff-bound this year and build off the nine wins from 2023.

In Brad Gagnon’s recent Bleacher Report article detailing the eight ‘boom or bust’ teams for 2024, Indianapolis makes the list. Gagnon goes into further detail for each entry, discussing the best, worst, and realistic scenarios for each franchise. In order are the entries from Gagnon’s slot for the Colts.

Best-Case Scenario:

After a year of mostly observing and learning, Anthony Richardson takes off in Year 2 and a Colts team that managed to win nine games without him in 2023 takes the AFC South in ’24.

– Brad Gagnon | Bleacher Report

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Referring to the 2023 campaign, Steichen helped a Gardner Minshew-led Colts team nearly make the playoffs and win the AFC South championship. While they fell short, a 9-8 finish is commendable given the number of injuries and inexperience on the roster.

If Anthony Richardson can level up in year two and continue developing with a coaching staff constructed to build a quarterback, then the AFC South could be in the clutches of Indianapolis in 2024. However, it all depends on Richardson’s health and ability to stay on the field. It may sound redundant, but Indy probably doesn’t want to run back another year with a backup signal-caller, even if it is Joe Flacco.

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Worst Case Scenario:

Richardson either again can’t stay healthy or is rusty in his first full NFL campaign, and an Indianapolis team that didn’t do much to address a poor defense in the offseason actually takes a step backward in the win column.

– Brad Gagnon | Bleacher Report

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This is a possibility given Richardson didn’t play any football after week five of the 2023 season. With such a long hiatus and not a big sample of starting experience before the shoulder injury, could it hamper Richardson in 2024?

My vote is, probably not. However, Richardson still has a mere 17 starts between his short college career at Florida (13 starts) and four games in the NFL. While he has incredible potential, he may have enough tape for NFL defenses to at least gameplan for his dynamic running and strong arm. This could force Richardson to throw more than Steichen may want.

The health of running back Jonathan Taylor also factors into this argument. If Taylor has to miss any time, the duties fall more than before on Richardson’s arm, feet, and ability to dissect defenses. He showed high-level glimpses last year, but also had moments with true rookie mistakes. We’ll see if Richardson can avoid a pitfall in 2024 and if this worst-case scenario is just a topic for this article.

Realistic Scenario:

Regardless of what happens with Richardson, the Colts might still be a year away. They’ll win eight or nine games but miss out on the playoffs.

– Brad Gagnon | Bleacher Report

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While it’s enticing to think about Adonai Mitchell as a big-time threat at receiver, he’s still 21 years old and must grow into the offense with the other three pass-catchers (Michael Pittman Jr., Josh Downs, and Alec Pierce.) Also, while Downs was great in his rookie campaign as a slot-receiving option, Pierce is yet to establish himself as a consistent option to pass to.

There is also the matter of Indy’s tight end situation. Currently, it is a mystery with Jelani Woods not playing a single snap in 2023. While Kylen Granson played well in his steed, Indianapolis doesn’t have a clear leader of that position group. It remains to be seen what happens with such a crowded and competitive spot in Steichen’s offense.

While the defense boasts talented youngsters like JuJu Brents (cornerback), Jaylon Jones (cornerback), and rookie Laiatu Latu (defensive end), they are still growing into starters. Last year Brents only played nine games due to multiple injuries and Jones had moments where he struggled in coverage to conclude 2023. For Latu, he could be a generational pass-rusher, but it’s far too soon to tell yet and no team can rely on a rookie before the season starts.

The Bottom Line

Indianapolis has a boom-or-bust type of roster, but that’s not a bad thing. To have this designation means either an NFL team is all-in for a Super Bowl run or young and developing, and Indianapolis qualifies as the latter.

Richardson could be in line for a massive season if he can continue progressing. Last year in his limited exposure many were surprised by how NFL-ready he looked in the pocket, as well as operating an offense. To reiterate, Richardson has to remain on the field this time to have any kind of impact. We’ll see how everything plays out for a Colts team that looks exciting, determined, and ready to compete with the rest of a talented AFC South division.  

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The split between Indiana University’ and Purdue Indianapolis’ shared Indianapolis campus is complete, ending a years-long process to unravel the 54-year-old collaboration between Indiana’s most prominent public universities.

What happened to IUPUI?

IUPUI will now be two separate schools: IU Indianapolis and Purdue in Indianapolis. IU will continue hosting most programs at the former IUPUI campus, while Purdue students will take classes with the same curriculum as students in West Lafayette but with the ability to enroll in some electives from IU Indianapolis.

Purdue’s president, Mung Chaing, said Thursday the university is treating the Indianapolis campus as an extension of the flagship West Lafayette campus and plans to offer bus shuttles for students between the two.

What programs belong to IU and what programs to Purdue?

IU will continue operating all programs except engineering and computer science, which will become part of Purdue. Jay Gladden, interim executive vice chancellor and chief academic officer with IU Indianapolis, said IU will soon offer undergraduate and graduate computer science degrees through the Luddy School of Informatics at the Indianapolis campus.

What happens to the current campus?

IU will continue to own and operate the existing campus and lease building space to Purdue. Earlier this month, Purdue announced plans to construct a mixed-use 248,000-square-foot building near West Street and Michigan Street. The building, on the site of what is currently a parking lot, will hold classrooms, dining spaces, laboratories, and student residences. Construction is scheduled to begin in Feb. 2025 and be completed in May 2027. The estimated total cost of the project is $187 million.

What does IUPUI split mean for alumni?

Degrees were issued from IU or Purdue. In referencing your degree, include IUPUI as the campus attended. Degree holders from Purdue can use the name Purdue in Indianapolis.

What happens to IUPUI teams?

IU Indianapolis will remain a D-1 athletic school and continue to be known as the Jaguars. The NCAA will allow current student-athletes in Purdue programs to continue competing as members of the Jaguars athletics teams, but future Purdue students will not be eligible to compete for IU Indy. A spokesperson for Purdue said the university does not intend to bring athletic programs to Indianapolis.

Will Purdue students live on IUI campus?

Beginning with the 2024–25 academic year, IU will provide student housing to Purdue students in North Hall, with Purdue students on Purdue floors and IU students on IU floors.

Will tuition rates change?

Starting in the fall of 2024, students in an IU program will pay the IU Indianapolis rate, while students in Purdue programs will pay the Purdue West Lafayette tuition rate.

Where will IU and Purdue applicants send FAFSA forms?

There will be a unique code for high school students applying to IU Indianapolis to send their free application for federal student aid. Students applying to Purdue in Indianapolis must apply to Purdue West Lafayette and indicate a desire for Indianapolis on their original application. Students denied at the West Lafayette may still be accepted in Indianapolis.

Will Purdue students still have access to campus recreation and extracurriculars?

All students, regardless of the program, will have access to the same buildings and spaces, including the IUI recreation center. Purdue students may still join clubs at IUI but may not be eligible to hold leadership positions.

How will double majors work at new IUI and PUI?

Students double majoring or minoring in the two schools will receive individualized advising to complete their degrees. Gladden said it was essential for the two schools to allow students to complete their degrees as intended. Students cannot double major in different schools in the future.

For more information, visit the IU and Purdue websites.

Tyler Spence is a Pulliam Fellow primarily covering business. He can be contacted at jspence@gannett.com