The Latest SPAC News and Rumors: September 18, 2023
by Nicholas Alan Clayton on 2023-09-18 at 11:39am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 


British-based electric van group races to secure Arrival of rescue bid

A British-based company that boasted that it would be a global pioneer in electric vehicle manufacturing is trying to seal a rescue takeover within weeks.

Sky News has learnt that advisers to Arrival, which is listed on New York’s Nasdaq stock exchange in a merger with CIIG, have told prospective bidders that the company’s financing requirements mean a deal would need to be completed imminently.

Alvarez & Marsal (A&M) was appointed during the summer to advise Arrival’s board on a range of restructuring options, including contingency planning for administration.

It is now seeking offers for Arrival’s business and assets, either in whole or in part, according to industry sources. […] It is said to require at least $500m of additional funding to get it to break-even, making a rescue bid for the whole business unlikely.

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