Arrival said in a statement on Wednesday that it has agreed to merge with “blank-check” company CIIG, in the United States, a deal that values the startup at $5.4 billion and gives it a stock market listing.
The transaction is expected to close in the first quarter of 2021. Arrival said it would raise around $660 million from the deal, and be listed on the Nasdaq under the ticker symbol “ARVL.” Arrival had been ranked among the top 10 most valuable UK startups as a private company.
CIIG is a special purpose acquisition company, or SPAC, which means it has limited operating assets and raised capital through an IPO for the purpose of buying an existing business. CIIG was founded by Peter Cuneo, a former CEO of Remington Products who is also credited with turning around media giant Marvel.
Arrival is the latest electric automaker to take advantage of seemingly limitless investor appetite for SPACs. Rival startups Nikola Corp and Fisker both announced earlier this year they would go public via the same route.
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