Arrival, the British electric vehicle startup that just recently secured a $110 million investment from asset manager BlackRock, has announced it’s reached a deal to merge with blank-check firm CIIG Merger Corp and become publicly traded as a result.

The merger is expected to add about $660 million to Arrival’s balance sheet, consisting of $258.8 million already secured by CIIG and an additional $400 million committed by new investors including Fidelity, Wellington Management, BNP Paribas, and returning investor BlackRock.

Arrival is the latest electric car company to test the waters of reverse mergers with blank-check firms. Others that have recently done so include Canoo, Lordstown Motors, XL Fleet, and the electric vehicle charging network ChargePoint. Arrival stands out as being from the UK and one of the few electric vehicle startups in the country.

Impressively, Arrival has sealed a deal to become publicly-traded after only five years of existence. The company is currently backed by over $200 million in private funding from investors including BlackRock, the automaker Hyundai, and the American courier giant UPS.

Arrival is still in its early stages and has not begun producing vehicles yet. The company has secured 10,000 pre-orders from UPS representing $1.2 billion in revenue up for grabs. Arrival aims to set up a network of manufacturing facilities that’ll roll out vehicles across several continents.

With its imminent merger, Arrival is set to become publicly traded on the Nasdaq stock exchange. The company is targeting an enterprise value of $5.4 billion from its merger with CIIG.

Photo credit: Arrival

Share this...

Facebook

Pinterest

Twitter

Linkedin

Whatsapp

Email

Print