Arrival and CIIG Merger today announced they have entered a definitive agreement for a business combination. Upon closing of the transaction, the combined company will be named Arrival Group and is expected to be listed on the Nasdaq under “ARVL”. Arrival is focused on the electric commercial vehicle market.
The transaction values the combined company at an enterprise value of US $5.4 billion. On consummation, the combined company is expected to receive approximately $660 million in gross cash proceeds from a combination of cash from a $400 million fully-committed stock PIPE and $260 million in cash held in CIIG’s trust account, assuming no public shareholders exercise redemption rights at closing. Read more.
