Electrical-vehicle startup Arrival SA mentioned on Tuesday it doesn’t at present have money available to fund operations for the upcoming 12 months, and there are materials uncertainties in regards to the firm being a going concern.
The British firm had mentioned final month it might restructure to deal with the U.S. market, in search of to capitalize on the Inflation Discount Act incentives and a bigger addressable market amid efforts to chop prices.
Arrival on Tuesday reported money and money equivalents of about $330 million as of Sept. 30, and mentioned it expects money available to fund the enterprise into the third quarter of subsequent 12 months. Its web loss widened to $310.3 million within the third quarter from a lack of $30.6 million a 12 months earlier. The corporate additionally mentioned it was exploring all funding and strategic alternatives to acquire essential funding.
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