Arrival and Kensington Capital Acquisition Corp. V Agreed to Terminate Business Combination Agreement
03 Juli 2023 - 10:30PM
Arrival (Nasdaq: ARVL) (“Arrival” or the
“Company”), inventor of a unique new method of design and
production of electric vehicles (“EVs”), and
Kensington
Capital Acquisition Corp. V (“Kensington”) (NYSE:
KCGI.U), a special purpose acquisition company, today
announced that both companies have agreed to terminate the business
combination agreement (“BCA”) initially signed April 6, 2023.
Arrival intends to redirect its focus towards advancing other
opportunities. The Company has engaged the services of TD Cowen and
Teneo Financial Advisory to ensure the company's seamless
transition and to pursue alternative avenues that will provide the
company with additional liquidity.
TD Cowen's extensive expertise in financial advisory services
and deep industry knowledge, will bolster the Company's efforts in
capitalizing on emerging opportunities and accelerating its
progress.
About ArrivalArrival’s mission is to master a
radically more efficient New Method to design, produce, sell and
service purpose-built electric vehicles, to support a world where
cities are free from fossil fuel vehicles. Arrival’s in-house
technologies enable a unique approach to producing vehicles using
rapidly-scalable, local Microfactories. Arrival (Nasdaq: ARVL) is a
joint stock company governed by Luxembourg law.
About Kensington Capital Acquisition Corp.
VKensington Capital Acquisition Corp. V (NYSE: KCGI.U) is
a special purpose acquisition company formed for the purpose of
effecting a merger, stock purchase or similar business combination
with a business in the industrial sector. Kensington's management
team of Justin Mirro, Dan Huber, John Arney, Peter Goode, and
Julian Ameler is supported by a board of independent directors
including William Kassling, Anders Pettersson, Mitchell Quain, Mark
Robertshaw, and Nickolas Vande Steeg.
For additional information, please visit autospac.com.
Contacts:
For Arrival
Mediapr@arrival.com
InvestorsCody Slach and Tom ColtonGateway
Group949-574-3860ARVL@gatewayir.com
IR@arrival.com
For Kensington
Dan HuberChief Financial
Officerdan@kensington-cap.com703-674-6514
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTSThis press release contains
certain forward-looking statements within the meaning of the U.S.
federal securities laws. These forward-looking statements generally
are identified by the words “believe,” “target,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “positioned,’
“strategy,” “outlook,” “future,” “opportunity,” “plan,”
“potential,” “predict,” “may,” “should,” “could,” “will,” “would,”
“will be,” “will continue,” “will likely result,” and similar
expressions. Such statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are based on management’s belief or interpretation of
information currently available. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Readers are
cautioned not to put undue reliance on forward-looking statements
as they are subject to numerous uncertainties and factors relating
to Kensington’s and Arrival’s operations and business environment,
all of which are difficult to predict and many of which are beyond
Arrival’s control. Except as required by applicable law, Arrival
assumes no obligation to and does not intend to update or revise
these forward-looking statements after the date of this press
release, whether as a result of new information, future events, or
otherwise. In light of these risks and uncertainties, you should
keep in mind that any event described in a forward-looking
statement made in this press release or elsewhere might not
occur.
Readers are cautioned not to put undue reliance
on forward-looking statements as they are subject to numerous
uncertainties and factors relating to the Company’s operations and
business environment, all of which are difficult to predict and
many of which are beyond the Company’s control. Except as required
by applicable law, neither the Company, Kensington, nor any of
their respective affiliates assume any obligation to and does not
intend to update or revise these forward-looking statements after
the date of the respective Materials, whether as a result of new
information, future events, or otherwise. In light of these risks
and uncertainties, you should keep in mind that any event described
in a forward-looking statement made in the Materials or elsewhere
might not occur. The Company does not give any assurance that it
will achieve its expectations.
Neither the Company, Kensington nor their
advisers and/or agents undertake any obligation to provide the
recipient with access to any additional information or to update
these materials or any additional information or to correct any
inaccuracies in any such information which may become apparent
except as required under applicable law and regulation.
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