BUZZ-Arrival falls after scrapping plan to merge with SPAC

Reuters2023-07-05

** U.S.-listed shares of British electric-vehicle startup Arrival SA fall 15% to $2.36

** ARVL on Monday said it would terminate plans to merge with special purpose acquisition company (SPAC) Kensington Capital Acquisition Corp V

** EV startup in April had said it would merge with blank-check firm Kensington Capital Acquisition Corp V to raise cash

** Smaller EV firms have been struggling with a dwindling cash reserve and supply chain constraints that have hampered their efforts to ramp up production

** EV maker Nikola , which went public in 2020, said on Monday it would start liquidating assets of Romeo Power less than a year after buying the battery maker

** Lordstown Motors filed for bankruptcy protection on June 27

** Faraday Future Intelligent Electric has also been struggling with a cash crunch

** Up to last close, ARVL stock had fallen 65.3% YTD

(Reporting by Jaspreet Singh in Bengaluru)

((Jaspreet.Singh@thomsonreuters.com ; ))

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