Arrival to list on NASDAQ through merger with CIIG Merger Corp.

-Arrival, the company creating electric vehicles (“EVs”) with its game-changing technologies, has entered into a definitive business combination agreement with CIIG Merger Corp. (NASDAQ: CIIC); and the newly combined company will be listed on the NASDAQ under the new ticker symbol “ARVL”

-The transaction values the combined company at an enterprise value of US $5.4 billion and is expected to provide approximately US $660 million in gross cash proceeds to the Company.

-As part of the transaction, CIIG raised a US $400 million fully committed common stock PIPE that was anchored by Fidelity Management & Research Company LLC, Wellington Management, BNP Paribas Asset Management Energy Transition Fund, and funds and accounts managed by BlackRock

-Arrival is producing EVs competitive in price with fossil fuel alternatives and substantially lower than comparable EVs

-Arrival has developed a new method of designing and producing zero-emission vehicles using its proprietary hardware, software and robotics technologies and low cost Microfactories

-Arrival has signed contracts with total order value up to US $1.2 billion and its first products are planned for production in Q4 2021

-Arrival has previously received investment from strategic partners Hyundai, Kia, UPS, Winter Capital, and funds and accounts managed by BlackRock

-The combined company will add Peter Cuneo, CIIG’s Chairman and CEO, as Non-Executive Chairman to its post-closing Board of Directors

globenewswire.com/news-release/2020/11/18/2129439/0/en/Arrival-the-company-creating-electric-vehicles-with-its-game-changing-technologies-to-list-on-NASDAQ-through-merger-with-CIIG-Merger-Corp.html