Kensington Capital Acquisition Corp. V (NYSE:KCGI) announced this afternoon that it has mutually terminated its business combination with EV-maker Arrival (NASDAQ:ARVL).
The SPAC’s combination with Arrival was 2023’s second repeat de-SPACing as it followed in the footsteps of Wejo (NASDAQ:WEJO), which also completed a 2021 SPAC deal and then announced a new one in January with TKB Critical Technologies 1 (NASDAQ:USCT). However, TKB 1 also terminated its merger with Wejo just a week ago.
Arrival originally went public in March 2021 through a $5.4 billion combination with CIIG Merger Corp. The EV-maker noted that its intention is to now shift its focus towards pursuing and advancing other opportunities and has engaged the services of TD Cowen and Teneo Financial Advisory to ensure a seamless transition and will pursue alternative avenues that will provide it with additional liquidity.
Kensington V initially announced the $542 million business combination with Arrival in April and planned to bring about $283 million into the deal through its trust.
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