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{"id":36417,"date":"2023-07-03T21:34:53","date_gmt":"2023-07-03T21:34:53","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/07\/03\/ev-maker-arrivals-second-spac-is-now-a-dead-spac\/"},"modified":"2023-07-03T21:34:55","modified_gmt":"2023-07-03T21:34:55","slug":"ev-maker-arrivals-second-spac-is-now-a-dead-spac","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/07\/03\/ev-maker-arrivals-second-spac-is-now-a-dead-spac\/","title":{"rendered":"EV maker Arrival\u2019s second SPAC is now a dead SPAC"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/07\/03\/ev-maker-arrivals-second-spac-is-now-a-dead-spac\/<\/a><\/br>
\nEV maker Arrival\u2019s second SPAC is now a dead SPAC<\/br>
\n2023-07-03 21:34:53<\/br><\/p>\n

\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

Troubled commercial EV maker Arrival has just ended a deal to merge \u2014 for the second time in less than three years \u2014 with a special purpose acquisition company.<\/p>\n

Arrival initially went public in March 2021<\/a> via a merger with special purpose acquisition company CIIG Merger Corp. in a deal valued at $5.4 billion. Since those high-flying SPAC days of 2021, Arrival has repeatedly delayed its production launch, pivoted and changed market focus, burned through millions of dollars<\/a>, and restructured the company three times<\/a>. Arrival\u2019s share price has also taken a hit, plummeting 87% from its opening figure of $22 in March 2021.<\/p>\n

In a bid to avoid bankruptcy, Arrival announced in April 2023 that it had reached an agreement to merge with a second SPAC, or blank-check company, called Kensington Capital Acquisition Corp. The SPAC with Kensington had a pro-forma enterprise value of $524 million.<\/p>\n

Arrival said in a regulatory filing it \u201cintends to redirect its focus towards advancing other opportunities.\u201d Arrival has hired TD Cowen and Teneo Financial Advisory to \u201cpursue alternative avenues that will provide the company with additional liquidity.\u201d<\/p>\n

These second SPACs \u2014 a re-SPAC? \u2014 might not be a trend yet. But a handful of companies, including U.K.-based Wejo, have used it to raise cash in an otherwise capitally tight marketplace.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/07\/03\/ev-maker-arrivals-second-spac-is-now-a-dead-spac\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/07\/03\/ev-maker-arrivals-second-spac-is-now-a-dead-spac\/ EV maker Arrival\u2019s second SPAC is now a dead SPAC 2023-07-03 21:34:53 Troubled commercial EV maker Arrival has just ended a deal to merge \u2014 for the second time in less than three years \u2014 with a special purpose acquisition company. Arrival initially went public in March 2021 via a merger with special purpose […]<\/p>\n","protected":false},"author":1,"featured_media":36418,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-36417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nEV maker Arrival\u2019s second SPAC is now a dead SPAC - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/07\/03\/ev-maker-arrivals-second-spac-is-now-a-dead-spac\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EV maker Arrival\u2019s second SPAC is now a dead SPAC - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/07\/03\/ev-maker-arrivals-second-spac-is-now-a-dead-spac\/ EV maker Arrival\u2019s second SPAC is now a dead SPAC 2023-07-03 21:34:53 Troubled commercial EV maker Arrival has just ended a deal to merge \u2014 for the second time in less than three years \u2014 with a special purpose acquisition company. 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