CIIG Merger Corp. (NASDAQ:LOAC) announced that its shareholders had approved its combination with EV-maker Arrival at a special meeting earlier today.
The parties expect to close the transaction on March 24. The shares and warrants of the combined entity are expected to trade on the Nasdaq under the symbols “ARVL” and “ARVLW” on March 25.
CIIG did not disclose redemption figures in its release, but they are highly unlikely to be significant given that Arrival was one of the more popular EV deals on the market and the SPAC opened ahead of the vote at $25.34.
The two sides initially announced their $5.4 billion combination on November 18. UK-based Arrival makes zero-emission buses and vans designed for public transit and commercial fleets, such as that of parcel delivery service UPS, which has ordered 10,000.
ADVISORS
- Cowen served as lead placement agent and UBS Investment Bank served as placement agent on the PIPE.
- Cowen is serving as lead financial advisor and J.P. Morgan is serving as financial advisor to Arrival.
- UBS Investment Bank and Barclays are serving as financial and capital markets advisors to CIIG.
- Greenberg Traurig, LLP is serving as legal advisor to Arrival.
- Akin Gump Strauss Hauer & Feld LLP is serving as legal advisor to CIIG.
April highlighted two defining trends in the SPAC market: an increased reliance on extended deadlines and a surge in announced transactions. Extension votes doubled compared to March, while the number of De-SPAC deals disclosed reached nine in April alone. These developments underscore a market that remains active but continues to rely on deadline extensions, largely...
D. Boral ARC Acquisition Corp. I has filed for a $250 million SPAC to be David Boral’s first in-house SPAC since the internal split at the firm formerly known as EF Hutton. Before that split, Boral and his former partner Joseph Rallo served as executive managers for the EF Hutton I SPAC, which ultimately combined...
At the SPAC of Dawn SPAC activity has continued on hot and heavy as three more new SPACs have filed S-1s for IPOs – one from each of the year’s most prolific underwriters: Cantor Fitzgerald, BTIG and Cohen & Company. Two more SPACs have are also set to join the party today having priced their...
Republic Digital Acquisition Corp. (NASDAQ:RDAGU) announced the pricing of its upsized $264 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RDAGU”, Thursday, May 1, 2025. The new SPAC aims to combine with a target company in the fintech, software or cryptocurrency industries with substantial free cash flow....
Copley Acquisition Corp. (NYSE:COPL.U) announced the pricing of its $150 million IPO and its units are expected to begin trading on the NYSE under the symbol “COPL.U”, Thursday, May 1, 2025. The new SPAC aims to combine with a company in the technology or lifestyle sectors that have the ability to scale and enhance growth....