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Arrival (ARVL) Failed SPAC Deal Case
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- In July, Arrival announced the cancellation of the SPAC deal.
- On it, $ARVL fell 14.1%, losing $7M+ shareholder value.
- Investors may suspect Arrival of hiding business setbacks, which led to their losses.
On July 3, 2023, Arrival announced that it had agreed to terminate its business combination agreement with Kensington Capital Acquisition Corp. V, which the companies initially signed in April.
- Arrival announced redirecting focus toward other opportunities.
- Arrival hired TD Cowen and Teneo Financial Advisory to ensure the Company's seamless transition.
On this news, $ARVL fell 14.1% and lost over $7 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that Arrival and its executives failed to timely disclose its inability to execute its business combination plans, which consequently led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
05 July 2023