Beleaguered Electric Van Company Arrival Appoints EY As Administrator, Explores Sales Options
Portfolio Pulse from Anan Ashraf
Arrival SA (OTC:ARVLF), an electric vehicle maker, has appointed EY as administrator for its UK subsidiaries, Arrival UK Ltd and Arrival Automotive UK Limited, to explore selling its business and assets due to failure in acquiring necessary rescue funds. The company ended the first half of 2023 with $43 million in cash and a loss of $155.7 million. Arrival was delisted from Nasdaq on January 30 for delaying its interim financial statement filings.
February 07, 2024 | 3:12 am
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Arrival SA appointed EY as administrator for its UK subsidiaries to explore selling its business and assets, after failing to secure necessary rescue funds. The company was delisted from Nasdaq due to delays in financial reporting.
The appointment of EY as administrator and the exploration of selling its business and assets indicate severe financial distress for Arrival SA. The delisting from Nasdaq further exacerbates the situation, likely leading to a negative short-term impact on its stock price.
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