Autos

British EV firm Arrival (ARVL) stock sinks in SPAC debut

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LONDON — British electric vehicle manufacturer Arrival began trading on the Nasdaq Thursday following a merger with a U.S. blank-check company.

The company finalized its combination with CIIG Merger Corp, a special purpose acquisition company (SPAC) set up by former Marvel CEO Peter Cuneo, on Wednesday. It’s now worth roughly $13 billion, up from a valuation of $5.4 billion in November.

Shares of the company sank around 15% Thursday morning ET time, hitting a low of approximately $18 before trimming losses. That came as other high-growth tech names also fell amid a broad decline in U.S. stock markets.

SPACs have become a hot investment vehicle on Wall Street, luring in several high-growth…



Source cnbc.com

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