- Arrival SA (NASDAQ:ARVL) has established a $300 million equity financing line with Westwood Capital.
- The company also announced the convening of an Extraordinary General Meeting of shareholders to vote on several resolutions, including a reverse stock split and capital reduction.
- “Arrival has developed innovative technologies and know-how which position us strongly to address the considerable EV market opportunity,” said CEO Igor Torgov.”
- “We have now taken important steps to help us take advantage of this opportunity, including raising additional capital as well as placing a sharper focus on the key U.S. market and driving significant efficiency improvements.”
- Also Read: Arrival Sees Wider Q4 Loss Hit By $406M Impairment Charges
- Arrival said it will achieve its target quarterly $35 million burn rate by the second half of 2023.
- At the end of December, the company had $205 million of cash on hand.
- Despite mitigating factors taken to date, the company noted there remain material uncertainties about its ability to continue as a going concern primarily due to the fact that further capital raises are required to fund the company to a break-even point.
- Also See: Arrival Named Digital Leader Igor Torgov As CEO; To Slash 800 Jobs To Control Costs
- Price Action: ARVL shares are trading lower by 13.67% at $0.18 on the last check Monday.
- Photo Via Company
With Only One Star in Its Sky, Era Jade Media Eyes Hong Kong IPO
Key Takeaways:
Integrated marketing services provider Era Jade Media, famous for its self-produced finance programs, has filed for a Hong Kong IPO for a fourth time
The company is extremely reliant on its CEO, who was behind 64.6% of the company’s revenue in the first half of this year
By Tina Yip
