Arrival Going Public Now as Shareholders of the SPAC CIIG Merger Corp. (CIIC) Have Approved the Merger With “One of the Best-Positioned Electrification Plays”

Arrival, the U.k.-based mobility startup that is gearing upward to upend the electric double-decker and van sphere through its ability to deploy low-CAPEX microfactories, is all prepare to become public now as the shareholders of the SPAC CIIG Merger Corp. (NASDAQ:CIIC) take formally canonical the concern combination agreement.

As per the Grade DEFM14A filed past CIIG Merger Corp. with the SEC on the 26th of February, a special virtual meeting of the SPAC'due south shareholders was scheduled for the 19th of March 2021 in order to approve the business organisation combination agreement with Arrival. Appropriately, the pertinent meeting was convened a curt while back, during which the SPAC's shareholders canonical the merger with Arrival, paving the style for the shares of the combined visitor to start trading on the NASDAQ under the ticker symbol ARVL.

Bear in heed that the merger DA with CIIG Merger Corp. accorded Arrival a Pro-forma valuation of $5.4 billion. The combined company is expected to have admission to $660 million in cash – $260 meg that CIIG Merger raised in its IPO equally well as another $400 meg in Pipage investments from investors, including Hyundai, Kia, and BlackRock. Arrival has been able to differentiate itself from other EV players by deploying cheap and scalable microfactories in existing warehouses, where the skateboard chassis is assembled from pre-fabricated Aluminum components and composites-based body panels that are held together by powerful adhesives. Such a construct dramatically reduces the weight of Inflow'due south electric vans and buses, thereby requiring smaller and cheaper bombardment packs.

Arrival is currently constructing two microfactories – one in Bicester, United kingdom, and the other in suburban Charlotte, Northward Carolina. Once the N Carolina microfactory becomes operational in Q3 2022, the facility would be capable of producing around 10,000 battery-powered vans per year. Near of the initial production will exist directed toward fulfilling a purchase delivery from UPS of around ten,000 electric vans. This order may even double to 20,000 vans eventually. In full, Arrival currently has signed orders of around $i.2 billion. The company expects to become greenbacks-flow positive in 2023. By 2024, Arrival projects that its annual acquirement will cross $14 billion.

Back in January, Wolfe Research had chosen Arrival "i of the best-positioned electrification plays currently on the market" due to its favorable brusk-haul markets and competitive product pricing. According to the enquiry house, the company's use of microfactories could be a game-changer for the broader EV industry.

Source: https://wccftech.com/arrival-going-public-now-as-shareholders-of-the-spac-ciig-merger-corp-ciic-have-approved-the-merger-with-one-of-the-best-positioned-electrification-plays/

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