The stock price of Arrival, a UK-based electric vehicle company, soared after it announced its plan to merge with CIIG Merger Corp, a special purpose acquisition company (SPAC) listed on the Nasdaq.
According to the terms of the deal, the combined company will be listed on the Nasdaq under the ticker symbol “ARVL” and is expected to raise around $660 million, which will be used to expand Arrival’s operations and develop its next-generation electric vehicles.
The announcement has generated significant interest in Arrival, which has already secured orders from major companies such as UPS and Hyundai. The company is known for its innovative approach to electric vehicle design, using microfactories to manufacture its vehicles on a scalable basis.
The merger is expected to close in the first quarter of 2021, subject to regulatory approval. Following the announcement, Arrival’s stock price rose by over 16%, indicating strong investor confidence in the company’s future prospects.