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On October 31, 2022, Arrival (NASDAQ: ARVL) received a notification from Nasdaq indicating it no longer meets the minimum bid price requirement of $1.00 per share, as its shares have traded below this mark for 30 consecutive business days. The notification does not immediately affect its listing, which continues on the Nasdaq Capital Market. Arrival has a 180-day grace period until May 1, 2023, to regain compliance. If successful, it may avoid delisting. The company will monitor its share price and assess options to return to compliance.
Arrival (NASDAQ: ARVL) has announced a strategic shift to focus on the US market, emphasizing its electric Van products and enabling technologies. The company, which has $330M cash on hand, will leverage existing resources and plans to raise capital to fund US vehicle commercialization. This decision follows recent tax incentives from the Inflation Reduction Act and aims to optimize production processes in its Bicester Microfactory while planning a new facility in Charlotte, North Carolina. A business review will be presented on November 8, 2022.
Arrival (NASDAQ: ARVL) will disclose its third-quarter financial results for the period ending September 30, 2022, on November 8, 2022, before U.S. markets open. A live webinar is scheduled for 8:00 a.m. Eastern Time on the same day, accessible via the company's website. Arrival focuses on creating electric vehicles through innovative local Microfactories, aiming to aid cities in achieving sustainability goals. This method allows for efficient design and production of vehicles, enhancing community sustainability and economic growth.
Arrival (NASDAQ: ARVL) has achieved a significant milestone by producing its first production verification vehicle at its Bicester Microfactory. This vehicle is crafted using innovative in-house technologies, including composite materials and autonomous mobile robots. Although serial production hasn't commenced, this step is crucial for scaling up production and fulfilling customer demands. The produced vans will undergo testing and validation instead of being sold. Further insights will be shared during Arrival's Q3 earnings webinar on November 8, 2022.
Arrival (NASDAQ: ARVL) reported Q2 2022 results with a net loss of $89.6 million, widening from a loss of $56.2 million year-over-year. The company ended the quarter with $513 million in cash, establishing a $300 million ATM platform to support operations and production plans. Arrival aims to start production at its Bicester Microfactory this quarter, with an anticipated slow ramp-up and approximately 20 vehicle deliveries by Q4. Non-binding MOUs and orders for around 149,000 vehicles represent over $6 billion in potential revenue.
Arrival (NASDAQ: ARVL) announced it will report its second-quarter financial results for the period ending June 30, 2022, on August 11, 2022, before U.S. market open. A webinar will follow at 8:00 a.m. ET, accessible on their website, with a replay available afterward. Founded in 2015, Arrival focuses on revolutionizing electric vehicle (EV) production through local Microfactories, aiming to provide sustainable, zero-emission solutions while assisting cities in attaining their sustainability goals.
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Arrival (NASDAQ: ARVL) announced that the Arrival Van has achieved EU certification and received European Whole Vehicle Type Approval (EUWVTA). This milestone allows for upcoming customer trials, with production set to commence in Bicester, UK, in Q3 2022. The company boasts over 140,000 non-binding LOIs for various Van models, driven by a surge in e-commerce and the need for decarbonized solutions. The Arrival Van aims to lower costs and enhance sustainability, using local Microfactories for production, contributing to cleaner urban environments.
Enel X and Arrival have partnered to test a zero-emission battery electric bus in Italy, aiming to enhance the global electrification of public transport. Enel X will utilize its charging solutions at the Vallelunga circuit for testing. The collaboration supports Enel's goal of delivering over 20,000 electric buses by 2030. Arrival recently obtained EU certification necessary for its buses to operate on public roads in the UK and Europe, aligning with rising demand for sustainable transport solutions.
Arrival held its annual general meeting (AGM) and extraordinary general meeting (EGM) on June 3, 2022, where shareholders approved all resolutions. Major approvals included the financial accounts for the year ending December 31, 2021, the re-election of directors Frank Peter Cuneo and Yun Seong Hwang, and the change of share capital currency from euro to US dollars. The EGM also abolished the nominal value of shares and converted existing capital amounts into USD based on the established exchange rate. Further details are available on Arrival’s website.