Arrival Advances U.S. Commercialization Plans Through Business Combination with Kensington Capital Acquisition Corp. V
Arrival (NASDAQ:ARVL) has entered into a business combination agreement with Kensington Capital Acquisition Corp. V (NYSE:KCGI).Upon closing, the combined company's ordinary shares are expected to be listed on Nasdaq under the ticker symbol "ARVL."Arrival is developing an innovative Class 4 ("XL") Van that the Company believes offers a high-quality user experience and lower cost of ownership for commercial operators.Arrival's purpose-built XL Van targets the underserved last-mile delivery market in the U.S.Kensington has $283 million of cash held in trust (pre-redemptions) to contribute to the combined business. LUXEMBOURG and WESTBURY, N.Y., April 06, 2023 (GLOBE NEWSWIRE) -- Arrival (NA
