Arrival Inc. (NASDAQ: ARVL) stock plunged by 4.96% at last close while the ARVL stock price declines by 9.68% in the pre-market trading session. With its totally new approach to the design and manufacturing of electric vehicles, Arrival is redefining the automobile industry. Low-capital-cost, fast scalable Microfactories, paired with unique in-house designed components, materials, and software, enable the manufacturing of best-in-class cars at a lower total cost of ownership than fossil-fuel equivalents.
What is happening?
The US Securities and Exchange Commission deemed ARVL’s registration statement on Form F-1 effective on June 17, 2021, according to the company. The SEC’s approval or opinion on the merits of the offering does not indicate that the SEC has approved or commented on the merits of the offering.
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The registration statement was submitted in line with contractual agreements made in conjunction with Arrival’s recent business combination with CIIG Merger, which was finalized on March 24, 2021. The registration statement lists for resale some ordinary shares granted as part of the business merger, as well as ordinary shares issuable upon the exercise of warrants taken by Arrival as part of the business combination.
Only the shareholders listed in the registration statement are permitted to sell their ordinary shares and any ordinary shares that may be granted to them as a result of the execution of certain warrants using the relevant prospectus. The issuing of ordinary shares by ARVL as a result of the exercise of warrants is also registered in the registration statement.
Past Development
Arrival, located in the United Kingdom, became public in March 2021 through a SPAC merger. It has progressed since then in its goal of developing lower-cost microfactories to fulfill client orders for its electric delivery vans, buses, and vehicles for ride-hailing services.
Arrival’s objective is to propose microfactories close to consumers or in metro regions where ARVL expects to sell its automobiles. ARVL claims that it can have these factories up and running in six months, and that it may be able to use existing commercial facilities and warehouses in some cases. This provides for a cheaper initial investment capital than traditional production plants, as well as increased freedom in meeting the demands of specific customers.
Arrival has already announced the construction of two microfactories in the southeast United States, near Charlotte, North Carolina. One site will be dedicated to providing delivery vehicles to United Parcel Service. UPS, an early Arrival investor, has placed a 10,000-unit order for ARVL’s electric vans.