Long
Arrival to list on NASDAQ through merger with CIIG Merger Corp.
-Arrival, the company creating electric vehicles (“EVs”) with its game-changing technologies, has entered into a definitive business combination agreement with CIIG Merger Corp. (NASDAQ: CIIC); and the newly combined company will be listed on the NASDAQ under the new ticker symbol “ARVL”
-The transaction values the combined company 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 is producing EVs competitive in price with fossil fuel alternatives and substantially lower than comparable EVs
-Arrival has developed a new method of designing and producing zero-emission vehicles using its proprietary hardware, software and robotics technologies and low cost Microfactories
-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
-Arrival has previously received investment from strategic partners Hyundai, Kia, UPS, Winter Capital, and funds and accounts managed by BlackRock
-The combined company will add Peter Cuneo, CIIG’s Chairman and CEO, as Non-Executive Chairman to its post-closing Board of Directors
globenewswire.com/news-release/2020/11/18/2129439/0/en/Arrival-the-company-creating-electric-vehicles-with-its-game-changing-technologies-to-list-on-NASDAQ-through-merger-with-CIIG-Merger-Corp.html
-The transaction values the combined company 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 is producing EVs competitive in price with fossil fuel alternatives and substantially lower than comparable EVs
-Arrival has developed a new method of designing and producing zero-emission vehicles using its proprietary hardware, software and robotics technologies and low cost Microfactories
-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
-Arrival has previously received investment from strategic partners Hyundai, Kia, UPS, Winter Capital, and funds and accounts managed by BlackRock
-The combined company will add Peter Cuneo, CIIG’s Chairman and CEO, as Non-Executive Chairman to its post-closing Board of Directors
globenewswire.com/news-release/2020/11/18/2129439/0/en/Arrival-the-company-creating-electric-vehicles-with-its-game-changing-technologies-to-list-on-NASDAQ-through-merger-with-CIIG-Merger-Corp.html
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.