Arrival mentioned it obtained a delisting and inventory buying and selling suspension discover from the Nasdaq, sending the British electric-vehicle firm’s shares down about 15% on Monday.
Buying and selling in Arrival’s inventory might be suspended from Jan. 30, as per the letter.
The corporate, like different EV startups, has battled increased rates of interest and manufacturing prices over the previous yr, in addition to dwindling money reserves on account of a funding squeeze.
Arrival was reportedly in talks with accounting agency EY about appearing as an administrator if the corporate couldn’t safe funds, Sky Information reported on earlier this month.
Many EV corporations, together with Lordstown Motors, Proterra and Sweden’s Volta Vans, have gone bankrupt as a tricky financial system weighs on demand and hinders entry to capital.
Arrival beforehand obtained a discover of delisting from Nasdaq for not complying with itemizing guidelines on account of a delay in submitting its interim monetary statements and failure to carry an annual shareholder assembly.
