Sky News has learnt that Arrival, which is listed on New York's Nasdaq stock exchange, has drafted in Alvarez & Marsal (A&M) to advise it as it tries to salvage its future
The London-based business went public in March 2021 through a combination with CIIG Merger Corp, a special purpose acquisition company set up by Peter Cuneo, the former Marvel chief executive.Arrival was backed by blue-chip global investors including BlackRock, which injected nearly $120m into the business in 2020.
It said it would cash in on demand for electric vehicles by targeting commercial customers rather than ordinary motorists. None of its vehicles have yet made it into commercial production, and it has been forced to slash hundreds of jobs, including many of its senior management team.Its stock has plummeted by more than 95% since it listed, and at Friday's close it had a market capitalisation of little more than $30m.
Belgique Dernières Nouvelles, Belgique Actualités
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