Arrival announced plans to appoint two additional members to its Board of Directors, aligning with the upcoming business combination with CIIG Merger Corp. (NASDAQ: CIIC). This transition will lead to Arrival becoming a publicly listed company under the ticker symbols 'ARVL' and 'ARVLW' on NASDAQ. The new board members are expected to bring diverse expertise from various sectors, enhancing Arrival's ability to pursue its goal of revolutionizing the electric vehicle market. The combined board will consist of seven members, reflecting a strong leadership team.
CIIG Merger Corp. (NASDAQ: CIIC) announced stockholder approval for its business combination with Arrival S.à r.l., a company focused on electric vehicle technologies. The vote occurred during a Special Meeting, with details to be disclosed in a Form 8-K filed with the SEC. The merger is set to close on March 24, 2021, after which the combined entity will be named Arrival and its stock will trade under the ticker symbol ‘ARVL’ starting March 25, 2021. This merger aims to enhance Arrival's market presence in the electric vehicle sector.
CIIG Merger Corp. (CIIC) announced the SEC's declaration of effectiveness for Arrival Group's registration statement regarding its business combination with Arrival S.à r.l. A special meeting for CIIG stockholders is set for March 19, 2021, to approve the merger. Arrival aims to revolutionize EV production through its Microfactory assembly process and plans to launch its first U.S. Microfactory this year. CEO Peter Cuneo highlighted Arrival's readiness to tap into the growing electrification market, with plans for commercial Bus and Van production starting soon.
Arrival Group is preparing to appoint five initial members to its Board of Directors following the upcoming business combination with CIIG Merger Corp (NASDAQ: CIIC). Upon completion, Arrival will be publicly listed under the new ticker symbol 'ARVL'. Founded in 2015, Arrival focuses on innovative electric vehicle production through scalable Microfactories and advanced technology platforms, aiming to lower costs and enhance functionality compared to traditional vehicles. The company will announce two more board members later.
CIIG Merger Corp. (NASDAQ: CIIC) announced that Arrival Group has filed a registration statement with the SEC regarding its proposed business combination with Arrival S.à r.l., which focuses on electric vehicle technology. The merger will form Arrival Group as a new holding company for both entities. A private investment of $400 million from institutional investors has been secured to support this transaction, which is expected to close in Q1 2021, pending shareholder approval and SEC clearance. The new ticker for Arrival Group will be ARVL upon completion of the merger.