BlackRock-Backed EV Startup Aims Nasdaq Debut Via SPAC Merger: Bloomberg

Author: Anusuya Lahiri | March 24, 2021 10:37am

BlackRock, Inc (NYSE:BLK)-backed electric vehicle (EV) startup Arrival Ltd is slated for a Nasdaq debut via a special purpose acquisition company (SPAC) merger.

According to Bloomberg, it intends to merge with CIIG Merger Corp (NASDAQ: CIIC), joining the likes of Nikola Corp (NASDAQ: NKLA), Lordstown Motors Corp (NASDAQ: RIDE), and Fisker Inc (NYSE: FSR).
The above three EV companies' stock prices have suffered massive blows on the legacy automakers' aggressive expansion plans into the EV space.
The 2015 London-based van and bus maker plans to develop EVs using its parts, components, and technologies for quicker adaptation to demand changes, cost reduction, and margin boost.
The company's electric van would begin public-road trials this summer, with an expected full production kick-off in the third quarter of 2022. The company's bus would undergo a test run with a British transport operator this fall.
EV companies, including Lucid Motors Inc, Lion Electric Co, and Xos Trucks Inc, are also planning their trading debuts.
Price action: CIIC shares traded lower by 6.76% at $22.24 on the last check Wednesday.