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Electric vehicle manufacturer Arrival SA (NASDAQ:ARVL) is reportedly on the brink of bankruptcy and in talks with EY after its shares plummeted by nearly 96% over the past year.
What Happened: Arrival is in discussions with EY to step in as administrator should the company fail to acquire necessary rescue funds, Sky News reported. The UK-based company, once harboring grand plans to revolutionize the global electric vehicle production industry, is now focusing on contingency planning.
While it is unlikely that Arrival will raise sufficient funds, there is still a possibility, the report said, while adding that it is presently unclear as to how long Arrival’s current cash reserves would last.
Arrival ended the first half of 2023 with approximately $43 million of cash and cash equivalents. Loss for the half year was $155.7 million, compared to a loss of $100 million in the corresponding half of 2022.
See Also: Best Electric Vehicle Stocks
Why It Matters: Arrival currently has a market cap of about $21 million with stock dropping nearly 96% over the past year. The company was valued at $5.4 billion on the day it became public in March 2021 through a SPAC merger with CIIG Merger Corp.
Price Action: On Monday, Arrival shares closed 19.6% lower at $0.92 in the regular session and declined 0.8% in the after-hours trading, according to Benzinga Pro data.
Photo courtesy of Arrival.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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