Nasdaq-listed Arrival, which has seen its shares plummet by 95% over the last year, is in talks with EY about acting as administrator if the company cannot secure rescue funding, Sky News learns.
The company is in talks with accounting firm EY about acting as administrator if it cannot secure rescue funding, the report added. Arrival did not immediately respond to Reuters requests for comment, while EY declined comment on the report. In the past year, many EV startups including Lordstown Motors, Proterra and Sweden's Volta Trucks have declared bankruptcy as access to capital tightens.
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A British-based company which had ambitions of becoming a global pioneer in electric vehicle manufacturing has picked a new set of advisers to help it secure rescue funding.
Wallbox said Wednesday it will acquire the operations and assets of European electric vehicle charging provider ABL for about 15 million euros in a deal expected to close in Q4.
The company said.