CIIC - Electric vehicle maker Arrival preps for SPAC closing

UK electric car maker Arrival (ARVL) sets plans for board ahead of SPAC closing. Arrival's initial board of directors is expected to include Peter Cuneo (current Chief Executive Officer of CIIG), Avinash Rugoobur (current President and Chief Strategy Officer for Arrival), Jae Oh (current Vice President and Head of Corporate Development at Hyundai), Kristen O’Hara (current Senior Vice President and Chief Business Officer of Hearst Magazines) and Alain Kinsch (served as Ernst & Young S.A.’s Luxembourg Country Managing Partner).Arrival is merging with CIIG Merger Corp. (CIIC) in a SPAC deal that is expected to close this quarter. Arrival aims to produce best-in-class commercial electric vehicles using a new method of design and production. Wolfe Research already has a Buy rating on Arrival and $50 price target on CIIC.

For further details see:

Electric vehicle maker Arrival preps for SPAC closing