UK EV-BUILDER ARRIVAL TO BE LISTED ON NASDAQ
Arrival, the UK based company creating electric vehicles (“EVs”) with self proclaimed “game-changing technologies”, has entered into a definitive business combination agreement with CIIG Merger Corp. The combined company will be named Arrival Group and is expected to be listed on NASDAQ under the new ticker symbol “ARVL”. Up till now Arrival has signed contracts with total order value up to US $1.2 billion and its first products are planned for production in Q4 2021.
The transaction values the combined company Arrival Group at an enterprise value of US $5.4 billion and is expected to provide approximately US $660 million in gross cash proceeds to the Company. As part of the transaction, CIIG raised a US $400 million fully committed common stock PIPE that was anchored by Fidelity Management & Research Company LLC, Wellington Management, BNP Paribas Asset Management Energy Transition Fund, and funds and accounts managed by BlackRock.
Arrival states it produces EVs competitive in price with fossil fuel alternatives and substantially lower than comparable EVs. It does this with a new method of designing and producing using its proprietary hardware, software and robotics technologies and low cost Microfactories. Its operations utilize Arrival’s in-house proprietary technologies and advanced cell-based assembly method to bring down the cost of EVs and accelerate mass adoption globally. The Microfactories can according to Arrival be deployed anywhere in the world within six months, using existing warehouses close to areas of demand. These Microfactories are designed to produce any vehicle from Arrival’s portfolio customized for the cities and regions they serve.
The company has previously received investment from strategic partners Hyundai, Kia, UPS, Winter Capital, and funds and accounts managed by BlackRock. The proposed transaction, which is expected to be completed in the first quarter of 2021.
Arrival is founded in 2015. Since then is has grown to a team of 1200+ people across 11 cities, in 8 countries around the world. CIIG Merger Corp. is a special purpose acquisition company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.