EV maker Arrival's shares slump on Nasdaq delisting notice


FILE PHOTO An engineer at electric van maker Arrival watches as autonomous robots move parts for a prototype vehicle at the companys factory in Bicester Britain May 10 2023. REUTERSNick CareyFile Photo

FILE PHOTO: An engineer at electric van maker Arrival watches as autonomous robots move parts for a prototype vehicle at the company's factory in Bicester, Britain, May 10, 2023. REUTERS/Nick Carey/File Photo

(Reuters) - Arrival said it received a delisting and stock trading suspension notice from the Nasdaq, sending the British electric-vehicle company's shares down about 15% on Monday.

Trading in Arrival's stock will be suspended from Jan. 30, as per the letter.

The company, like other EV startups, has battled higher interest rates and production costs over the past year, as well as dwindling cash reserves due to a funding squeeze.

Arrival was reportedly in talks with accounting firm EY about acting as an administrator if the company could not secure funds, Sky News reported on earlier this month.

Many EV firms, including Lordstown Motors, Proterra and Sweden's Volta Trucks, have gone bankrupt as a tough economy weighs on demand and hinders access to capital.

Arrival previously received a notice of delisting from Nasdaq for not complying with listing rules due to a delay in filing its interim financial statements and failure to hold an annual shareholder meeting.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Sriraj Kalluvila)

MGB exceeds RM1bil revenue, raises dividend to 30%

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Others Also Read


All Headlines:

Want to listen to full audio?

Unlock unlimited access to enjoy personalise features on the TheStar.com.my

Already a member? Log In