- 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


Full press release:

https://bit.ly/Arrival_To_Merger_With_CIIG

Attachments

  • Original document
  • Permalink

Disclaimer

CIIG Merger Corp. published this content on 18 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2020 17:06:06 UTC