Arrival Converts Antara's $20M Loan Into Equity

Arrival SA ARVL agreed to amend the debt-to-equity transaction agreement with Antara Capital Master Fund LP.
The move will result in Arrival exchanging $20 million principal amount of 3.50% convertible notes due 2026 for about 3 million ordinary shares.
Antara has agreed that it will not sell or otherwise dispose of the ordinary shares that it receives in the exchange in an amount greater than 10% of the traded volume of the shares.
The exchange will take place today, June 6, 2023.
After the exchange, the remaining principal amount of Arrival's convertible notes outstanding will be approximately $300 million.
Arrival saw its cash and equivalents plunge to $130 million as of March 31, 2023, from $205 million at the end of December 31, 2022.
Price Action: ARVL shares are trading lower by 6.57% at $3.27 on the last check Tuesday.