Arrival plans merger with CIIG Merger Corp to list on NASDAQ
By Jim Gibbins - 1st December 2020
UK / USA - Electric vehicle and e-mobility technology, Arrival Ltd and CIIG Merger Corp (NASDAQ: CIIC), a US, New York publicly-traded special purpose acquisition company, have reached an agreement to merge companies. On completion of the transaction, the combined company will be called Arrival Group and listed on the NASDAQ under the ‘ARVL’ symbol.
Arrival states, the transaction values the combined company at an enterprise value of USD5.4bn. It also states: ‘Pursuant to the merger and following the share exchanges, the combined company is expected to receive approximately USD660m in gross cash proceeds from a combination of cash from a USD400m fully committed stock PIPE* and USD260m in cash held in CIIG’s trust account.’ Net cash from the transaction will be used to fund growth of the combined company.
