CIIG Merger announced today that its acquisition partner Arrival Group filed a registration statement with the preliminary proxy and prospectus in connection with CIIG’s proposed business combination with Arrival.
Pending shareholder approvals, Arrival Group’s shares will list on the Nasdaq under “ARVL”. The transaction is expected to close in the first quarter of 2021.
Arrival designs and manufactures electric vehicles.
The companies also filed an analyst presentation on the deal today.
Institutional investors, including funds managed by BlackRock, Fidelity Management & Research Company, Wellington Management and BNP Paribas Asset Management Energy Transition Fund, have committed to a private investment of $400 million in Class A common stock of CIIG, which will be converted into ordinary shares of Arrival Group upon the closing of the business combination. Subject to any CIIG stockholder redemptions, the SPAC said there is approximately $259.8 million in cash currently held in trust. It is anticipated that the combined company will have approximately $659.8 million in gross cash proceeds. Read more.
