CIIC - CIIG Merger +16% after Arrival confirms SPAC plan

Arrival confirms that it entered into a definitive business combination agreement with CIIG Merger Corp. (CIIC) in a SPAC deal. and the newly combined company will be listed on the NASDAQ under the new ticker symbol ARVL. The transaction values the combined company at an enterprise value of $5.4B and is expected to provide gross cash proceeds of around $660M to the company. As part of the transaction, CIIG raised a $400M fully committed common stock PIPE that was anchored by Fidelity, Wellington Management, BNP Paribas Asset Management Energy Transition Fund and funds/accounts managed by BlackRock The plan for Arrival is to produce EVs competitive in price with fossil fuel alternatives and priced substantially lower than comparable EVs. The company says it has developed a new method of designing and producing zero-emission vehicles using its proprietary hardware, software and robotics technologies and low cost Microfactories Shares of CIIC are up

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CIIG Merger +16% after Arrival confirms SPAC plan