Shares in the UK’s Arrival have begun trading on the Nasdaq following the completion of its business combination with CIIG Merger Corp. (NASDAQ: CIIC), a U.S. publicly-traded special purpose acquisition company (SPAC).
The combined company has been renamed Arrival and its ordinary shares and warrants are trading on the Nasdaq Global Select Market under the ticker symbols “ARVL” and “ARVLW” respectively.
The company is deploying its first three Microfactories in North Carolina, U.S., South Carolina, U.S. and Bicester, UK in 2021.
Denis Sverdlov, Founder and CEO of Arrival, comments: “We believe that all vehicles will soon be electric, because it is better for people, the planet and business. Arrival’s invention of a unique new method to design and produce vehicles using local Microfactories makes it possible to build highly desirable yet affordable electric vehicles – designed for your city and made in your city. Going public is an opportunity that will allow us to continue to scale globally, bringing these products to more and more cities and people. We also understand that this comes with responsibility. Arrival has a remarkable company culture, which attracts great talent and enables us to be truly creative. The hard work of more than 1800 people over the past six years has made today’s milestone possible, and I would like to personally thank each and every one of the team.”
Peter Cuneo, Non-Executive Chairman of Arrival, adds: “As Chairman of the Board, I am personally excited to support Arrival’s next phase of growth as its vehicles hit the roads and its Microfactories begin to service local communities. I congratulate them on this landmark moment and am looking forward to working with their talented team to deliver Arrival’s pioneering products and to grow the brand globally.”
Arrival is a global business founded in 2015 and headquartered in London, UK and Charlotte, North Carolina, U.S., with more than 1500 global employees located in offices across the U.S, Germany, the Netherlands, Israel, Russia, and Luxembourg.