Arrival Goes Public Through SPAC
Arrival, a British electric-vehicle maker, will go public by combining with a US "blank check company" Ciig Merger Corp. The SPAC was set up by Peter Cuneo, the former CEO of Marvel Comics and personal care firm Remington Products. Arrival is expected to list on the NASDAQ under the ticker symbol "ARVL". The deal values the combined company at $5.4 billion and is expected to close by early 2021 (plans to raise $660 million).
US businessman Peter Cuneo will join Arrival's board as non-executive chairman, while founder Denis Sverdlov will remain as the CEO.
Arrival, maker of electric bus-and-vans last raised money at a value of $3 billion ($118 million from BlackRock). Its major competors are Elon Musk's Tesla and Amazon backed Rivian.
Arrival has already received investment from Hyundai Motor Company, Kia Motors, and United Parcel Service (UPS has committed to an order of 10,000 electric vans in early 2021). The company also says its signed contracts amounting to as much as $1.2 billion and its first vehicles are scheduled for production in the fourth-quarter of 2021.