CIIG announced today on Monday, March 1st that the U.S Securities and Exchange Commission has declared effective the registration statement on the Form F-4 of Arrival Group, which includes a definitive proxy statement/prospectus in connection with CIIG’s special meeting of stockholders.
“We are entering the final stages of the transaction process, which will result in Arrival Group becoming a public company upon approval of the transaction by CIIG stockholders and the satisfaction of the other conditions to the transaction. This transaction is expected to enable Arrival to continue scaling up its bold new approach to EV design and production, including the deployment this year of its first US Microfactory in South Carolina and a new U.S. Headquarters in North Carolina.”Peter Cuneo, Chairman & Chief Executive Officer of CIIG
“Since announcing the transaction, we have seen the seismic shift towards electrification accelerate rapidly in line with global public policy, and we believe Arrival remains well-placed to capitalize on this enormous opportunity through EV products that are price competitive to diesel equivalents. In that time, Arrival has continued to move towards bringing its best-in-class products to market – starting with the commercial Bus and Van models, which will begin production at the end of this year and beginning of 2022 respectively.”Michael Minnick, Chief Investment Officer of CIIG
“Arrival is challenging the 100-year-old automotive production process, by developing vertically integrated in-house technologies and combining them with its pioneering and rapidly scalable Microfactory assembly process. We believe this decentralized approach brings production to local communities and dramatically reduces the cost of EVs to accelerate mass adoption globally. We are thrilled about the company’s potential to transform this industry once the planned transaction is closed this month.”Gavin Cuneo, Chief Operating Officer of CIIG
Once Electric Bus Maker Arrival starts trading on the Nasdaq exchange their ticker symbol will be traded under “ARVL” for ordinary stocks and “ARVLW” for warrants.