Arrival Receives Notification of Trading Suspension and Delisting from the Nasdaq
LUXEMBOURG – January 29, 2024 – Arrival (Nasdaq: ARVL) (“Arrival” or the “Company”) today announced that it received a letter from The Nasdaq Stock Market LLC (“NASDAQ”) on January 26, 2024, notifying the Company that NASDAQ will suspend trading in the Company’s securities at the open of business on January 30, 2024, and a Form 25 Notification of Delisting will be filed with the U.S. Securities and Exchange Commission which will remove the Company’s securities from listing on NASDAQ. The foregoing decision was the result of the Company not being in compliance with NASDAQ’s continued listing standards, which deficiencies were previously disclosed by the Company, and the failure to submit a remediation plan related thereto.The Company has also received a notice of acceleration from the trustee under the indenture governing the Company’s 3.50% Convertible Senior Notes due 2026, in light of the previously disclosed default related to the failure to make the December 1, 2023 interest payment thereon.
Arrival’s mission is to master a radically more efficient New Method to design, produce, sell and service purpose-built electric vehicles, to support a world where cities are free from fossil fuel vehicles. Arrival’s in-house technologies enable a unique approach to producing vehicles using rapidly-scalable, local Microfactories. Arrival (Nasdaq: ARVL) is a joint stock company governed by Luxembourg law.
This press release contains certain forward-looking statements within the meaning of the federal securities laws related to Arrival’s intentions regarding the above matters. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Readers are cautioned not to put undue reliance on forward-looking statements as they are subject to numerous uncertainties and factors, all of which are difficult to predict and many of which are beyond Arrival’s control. Except as required by applicable law, Arrival assumes no obligation to and does not intend to update or revise these forward-looking statements after the date of this press release, whether as a result of new information, future events, or otherwise. In light of these risks and uncertainties, you should keep in mind that any event described in a forward-looking statement made in this press release or elsewhere might not occur.