Special purpose acquisition companies were devised to take groups public. Now they are needed to keep businesses alive.
Arrival listed via a US blank cheque company in 2021 at an enterprise valuation of $5.4bn. This endowed the UK electric vehicle start-up with nearly $700mn in cash. That financial bridge was intended to take the company to 2024 when it planned to hit $14bn in revenue and $3bn in gross profits.
Arrival, like the roll call of EV participants that rode the Spac wave, is nowhere near its targets. It has burnt through nearly all its cash.
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