EV maker Arrival’s second SPAC is now a dead SPAC

Troubled commercial EV maker Arrival has just ended a deal to merge — for the second time in less than three years — with a special purpose acquisition company.
Arrival initially went public in March 2021 via a merger with special purpose acquisition company CIIG Merger Corp. in a deal valued at $5.4 billion. Since those high-flying SPAC days of 2021, Arrival has repeatedly delayed its production launch, pivoted and changed market focus, burned through millions of dollars, and restructured the company three times. Arrival’s share price has also taken a hit, plummeting 87% from its openin

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