BlackRock-Backed EV Startup Aims Nasdaq Debut Via SPAC Merger: Bloomberg

BlackRock, Inc BLK-backed electric vehicle (EV) startup Arrival Ltd is slated for a Nasdaq debut via a special purpose acquisition company (SPAC) merger.

• According to Bloomberg, it intends to merge with CIIG Merger Corp CIIC, joining the likes of Nikola Corp NKLA, Lordstown Motors Corp RIDE, and Fisker Inc FSR.
• The above three EV companies' stock prices have suffered massive blows on the legacy automakers' aggressive expansion plans into the EV space.
• The 2015 London-based van and bus maker plans to develop EVs using its parts, components, and technologies for quicker adaptation to demand changes, cost reduction, and margin boost.
• The company's electric van would begin public-road trials this summer, with an expected full production kick-off in the third quarter of 2022. The company's bus would undergo a test run with a British transport operator this fall.
• EV companies, including Lucid Motors Inc, Lion Electric Co, and Xos Trucks Inc, are also planning their trading debuts.
• Price action: CIIC shares traded lower by 6.76% at $22.24 on the last check Wednesday.