Arrival, the EV company creating super-duper looking vans and buses with its “game-changing technologies” and low cost Microfactories, is now ready for IPO. Shareholders of CIIG Merger Corp. (NASDAQ: CIIC) have now approved the merger and the newly combined company will be listed on the NASDAQ starting Monday, under the new stock ticker symbol “ARVL”.
The transaction values the combined company at an enterprise value of $5.4B and is expected to provide approximately $660M in gross cash proceeds to Arrival. As part of the transaction, CIIG raised a $400M 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’s initial focus is on the commercial vehicle market. The Company has been working with UPS for several years on the development of their Van product and this will continue into public road trials in the 2nd half of 2021. Start of production for the Van is expected to be in Q3 2022 and according to the Company many of those initial vehicles will be produced for UPS.