(Reuters) -British electric vehicle startup Arrival SA said on Monday it would terminate plans to merge with special purpose acquisition company (SPAC.
Troubled commercial EV maker Arrival has just ended a deal to merge — for the second time in less than three years — with a special purpose acquisition company. Arrival initially went public in March 2021 via a merger with special purpose acquisition company CIIG Merger Corp. in a deal valued at $5.4 billion. Since those high-flying SPAC days of 2021, Arrival has repeatedly delayed its production launch, pivoted and changed market focus, burned through millions of dollars, and restructured the company three times.
(Reuters) - Arrival said on Tuesday it will convert shareholder hedge fund Antara Capital Master Fund LP's $20 million loan into equity, a move that would help the British electric-vehicle startup lower its debt load. | 08:47am