The UK electric vehicle startup Arrival will unite with CIIG Merger Corp, organized by Peter Cuneo, a businessman in the U.S.
While businesses have given up the old public offering, Special Purpose Acquisition Companies (SPACs) have dominated the market in 2020. These companies work to raise money for making merger deals.
The deal grants a business value of $5.4 billion to the London-based Arrival. The mixed company is predicted to collect $660 million totally. The deal is prepared to conclude by early next year.
Arrival has received many orders, as huge as 10,000 vehicles, from UPS, the U.S. Parcel Service. Kia, Hyundai, and BlackRock are also among its supporters. Genuinely addressing commercial needs, instead of consumer sales, it’s become a prominent force. The company, established in 2015, has centered its technology on production and development.
Avinash Rugoobur, the company’s president, said Arrival will launch bus production in the fourth quarter of 2021. Production of vans will start sooner, the second quarter of 2022, he added.