Arrival To Raise $307M Via Equity Offering

Arrival SA ARVL has upsized its public follow-on offering to 32.37 million ordinary shares (previously 25 million shares) at a public offering price of $9.50 per share.
The offer price represents a 4% discount on the company’s closing price as of November 18, 2021.
The follow-on offering is expected to close on November 23, 2021.
Arrival has granted the underwriters the option to purchase up to 4.8 million additional ordinary shares.
Goldman Sachs International, J.P. Morgan Securities LLC, Barclays Capital Inc, and Cowen and Company, LLC are acting as underwriters of the follow-on offering.
Price Action: ARVL shares closed lower by 7.64% at $9.91 on Thursday.