EV Startup Arrival Warns On Material Uncertainties As Further Capital Needed

·1 min read
  • Arrival SA (NASDAQ: ARVL) has established a $300 million equity financing line with Westwood Capital.

  • The company also announced the convening of an Extraordinary General Meeting of shareholders to vote on several resolutions, including a reverse stock split and capital reduction.

  • "Arrival has developed innovative technologies and know-how which position us strongly to address the considerable EV market opportunity," said CEO Igor Torgov."

  • "We have now taken important steps to help us take advantage of this opportunity, including raising additional capital as well as placing a sharper focus on the key U.S. market and driving significant efficiency improvements."

  • Also ReadArrival Sees Wider Q4 Loss Hit By $406M Impairment Charges

  • Arrival said it will achieve its target quarterly $35 million burn rate by the second half of 2023.

  • At the end of December, the company had $205 million of cash on hand.

  • Despite mitigating factors taken to date, the company noted there remain material uncertainties about its ability to continue as a going concern primarily due to the fact that further capital raises are required to fund the company to a break-even point.

  • Also SeeArrival Named Digital Leader Igor Torgov As CEO; To Slash 800 Jobs To Control Costs

  • Price Action: ARVL shares are trading lower by 13.67% at $0.18 on the last check Monday.

  • Photo Via Company

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This article EV Startup Arrival Warns On Material Uncertainties As Further Capital Needed originally appeared on Benzinga.com


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