US-listed shares of EV startup Arrival gain as it merges with blank-check firm

Kensington Capital Acquisition V

10/04/2023 11:32

** U.S.-listed shares  ARVL.O  of British electric-vehicle
startup Arrival rise 6.6% to $0.13 premarket
    ** ARVL said on Thursday it has entered into an agreement in
which it will merge with SPAC Kensington Capital Acquisition
Corp V  KCGI.N 
    ** Upon completion of transaction, combined company will
continue to be named Arrival and its stock will continue to be
listed under the ticker ARVL, Arrival said
    ** Kensington has $283 million of cash held in trust
(pre-redemptions) to contribute to the combined business,
according to Arrival
    ** Last month, Arrival announced a $300 mln equity financing
line established with Westwood Capital
    ** At the end of December, ARVL said it had about $205 mln
of cash on hand
    ** As of last close, Arrival's U.S.-listed shares down ~24%
YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti))