Arrival, a London-based electric vehicle company, is planning an IPO. Here's what we know so far — including how to buy in when the stock goes public.
Electric bus startup Arrival is planning to go public through a merger with a special purpose acquisition company (SPAC), also known as a blank check company. SPACs are companies with no commercial operations that exist purely to raise capital through IPOs. The deal is expected to close in the first quarter of 2021.
The SPAC, CIIG Merger Corp., originally went public in September 2019. After the merger, the company will trade on Nasdaq under the ticker "ARVL."
Even though Arrival is a London-based company, it's going public in the US, so you won't need an international brokerage account to buy shares post-IPO.