Re-SPACs Gain Steam as Arrival Shares Sink, New Sponsor Steps Up

Money-losing operations, a business plagued with delays and a choppy economic environment forced Arrival SA to strike a second blank-check merger after roughly two years as a public company.

The Luxembourg-based producer of commercial electric vehicles went public in March 2021 after combining with CIIG Merger Corp., and now is this year’s second de-SPAC to make a deal with another blank-check firm to raise additional cash. On Thursday, Arrival said it plans to merge with Kensington Capital Acquisition Corp. V to secure up to $283 million in cash if it can convince investors to not redeem.

Arrival Van

Source: Arrival

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