Arrival falls after scrapping plan to merge with SPAC

Nu Ride

05/07/2023 16:50

** U.S.-listed shares of British electric-vehicle startup
Arrival SA  ARVL.O  fall 15% to $2.36  
    ** ARVL on Monday said it would terminate plans to merge
with special purpose acquisition company (SPAC) Kensington
Capital Acquisition Corp V  KCGI.N  
    ** EV startup in April had said it would merge with
blank-check firm Kensington Capital Acquisition Corp V to raise
cash
    ** Smaller EV firms have been struggling with a dwindling
cash reserve and supply chain constraints that have hampered
their efforts to ramp up production
    ** EV maker Nikola  NKLA.O , which went public in 2020, said
on Monday it would start liquidating assets of Romeo Power less
than a year after buying the battery maker
    ** Lordstown Motors  RIDE.O  filed for bankruptcy protection
on June 27
    ** Faraday Future Intelligent Electric  FFIE.O  has also
been struggling with a cash crunch
    ** Up to last close, ARVL stock had fallen 65.3% YTD 

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))