The parties expect to close the transaction on March 24. The shares and warrants of the combined entity are expected to trade on the Nasdaq under the symbols “ARVL” and “ARVLW” on March 25.
CIIG did not disclose redemption figures in its release, but they are highly unlikely to be significant given that Arrival was one of the more popular EV deals on the market and the SPAC opened ahead of the vote at $25.34.
The two sides initially announced their $5.4 billion combination on November 18. UK-based Arrival makes zero-emission buses and vans designed for public transit and commercial fleets, such as that of parcel delivery service UPS, which has ordered 10,000.
- Cowen served as lead placement agent and UBS Investment Bank served as placement agent on the PIPE.
- Cowen is serving as lead financial advisor and J.P. Morgan is serving as financial advisor to Arrival.
- UBS Investment Bank and Barclays are serving as financial and capital markets advisors to CIIG.
- Greenberg Traurig, LLP is serving as legal advisor to Arrival.
- Akin Gump Strauss Hauer & Feld LLP is serving as legal advisor to CIIG.