Electric minibus maker Arrival, founded by a former Russian deputy minister, will enter Wall Street on Thursday at the wheel of a “SPAC”, a popular financial instrument in the markets facilitating IPOs.
“The global group that creates electric vehicles with its revolutionary technologies,” according to a statement, will be listed on Nasdaq Thursday under the symbol ARVL.
To do so, the company merged on March 19 with an already listed Special Purpose Acquisition Company (SPAC), CIIG, an empty shell whose purpose is to house a company wishing to raise funds on the stock market.
This method of IPO is increasingly used to gain access to Wall Street.
“Arrival is reinventing the auto industry with its whole new approach to the design and assembly of electric vehicles,” the company said in a statement.
It claims to produce from “low-investment, rapidly scalable micro-factories, using in-house developed components, materials and software.” This will enable “the production of premium vehicles at competitive prices compared to fossil fuel vehicles and at a lower cost,” Arrival promises.
Based in London and Charlotte, North Carolina, with more than 1,500 employees in the United States, Germany, the Netherlands, Israel, Russia and Luxembourg, the group has two micro-factories in the United States and a third insight United Kingdom.
Its founder, Denis Sverdlov, 42, founded the company in 2015, is a former Russian deputy minister of communications. According to the Russian economic bulletin The Bell, he had made a name for himself a few years earlier as the head of Russian telecommunications operator Yota.
Its IPO would value the company at $ 15.3 billion, according to the same source.
The group plans to launch an entire line of vehicles by the end of 2023 and has a production target of 168,000 vans by 2024. In addition, the UPS transport group has already committed to ordering 10,000 d ‘between them, models of light minibusses, which weigh 2 tonnes and have an electric range of 300 kilometers.