Arrival Converts Antara's $20M Loan Into Equity
Portfolio Pulse from Shivani Kumaresan
Arrival SA (NASDAQ:ARVL) has agreed to exchange $20 million of its 3.50% convertible notes due 2026 for about 3 million ordinary shares with Antara Capital Master Fund LP. The remaining principal amount of Arrival's convertible notes will be approximately $300 million. ARVL shares are trading lower by 6.57% at $3.27.
June 06, 2023 | 3:20 pm
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Arrival SA's exchange of $20 million convertible notes for 3 million ordinary shares with Antara Capital has led to a 6.57% drop in ARVL shares, trading at $3.27.
The exchange of convertible notes for ordinary shares has led to a dilution of Arrival's shares, causing a negative impact on the stock price. The 6.57% drop in ARVL shares indicates that investors are reacting negatively to this news, which may continue to affect the stock price in the short term.
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