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CIIG Merger Corp. (NASDAQ:CIIC) ("CIIG"), a US publicly-traded special purpose acquisition company, announced today that Arrival Group has filed with the U.S. Securities and Exchange Commission ("SEC") a registration statement on Form F-4 (the "Registration Statement"), which contains a preliminary proxy statement/prospectus, in connection with CIIG's recently-announced proposed business combination with Arrival S.à r.l. ("Arrival"), the company creating electric vehicles ("EVs") with its game-changing technologies. The business combination is to be effected through a newly created holding company, Arrival Group, whereby CIIG and Arrival will become wholly-owned subsidiaries of Arrival Group. The combined company will add Peter Cuneo, CIIG's Chairman and CEO, as Non-Executive Chairman to its post-closing Board of Directors. While the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about CIIG, Arrival, Arrival Group and the proposed business combination.
CIIG's Class A common stock is currently traded on NASDAQ under the symbol "CIIC." In connection with the closing of the transaction, Arrival Group's ordinary shares will be Nasdaq-listed under the new ticker symbol "ARVL". Completion of the transaction, which is expected in the first quarter of 2021, is subject to approval by CIIG stockholders, the Registration Statement being declared effective by the SEC and other customary closing conditions.
Institutional investors (including funds managed by BlackRock, Fidelity Management & Research Company LLC, Wellington Management and BNP Paribas Asset Management Energy Transition Fund) have committed to a private investment of $400 million in Class A common stock of CIIG, which will be converted into ordinary shares of Arrival Group upon the closing of the business combination. The private investment will close concurrently with the business combination. Subject to any redemptions by CIIG stockholders, there is approximately $259.8 million in cash currently held in CIIG's trust account. It is anticipated that the combined company will have approximately $659.8 million in gross cash proceeds to fund growth.
Posted In: CIIC
