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Arrival , the once buzzy EV inauguration that proceed public via a merger with a blank check company , is in its concluding death throe .
The company has guarantee a $ 50 million bridge circuit loanword , pecuniary resource that will keep it afloat long enough to explore a potential sale , according to aregulatory filingposted Wednesday . The additional runniness , which has a term of 120 day , is being provided by Antara Capital and Highbridge Capital Management .
Arrival plans to the employment the bridge financing along with its stay on cash on hand to find a emptor or other “ strategical substitute transaction . ” In other words , Arrival has been give a tight fabric to deal the company and pay back companies and people it ’s indebted to . It ’s the equivalent of lending someone $ 5 to bribe enough flatulence to take the motorcar down to the dealer and sell it .
Arrival was once a richly - fly EV startup withan ambitious planto expend microfactories to build electric bus , vanguard and even a car designed for Uber driver . Those plans are now just distant images in the rearview mirror .
In the past 15 month , the company has laid off workers four times , convulse production targets and drop its Uber railcar and bus programs . It has also failed to encounter Securities and Exchange Commission filing requirements , most recentlymissing another deadlineto lodge its 2022 annual report .
Arrival executives have also looked for more capital to keep the society animated . Arrivalsecured a$300 million lifelineback in March 2023 to aid it stay in business through the remainder of 2023 as it soughtadditional dedicated fund to modernize its XL legal transfer vanguard for the U.S. market and start production in Charlotte , North Carolina by 2024 . The company also took other measures such as a reverse stock splitto assistance itregain compliancewith the Nasdaq .
None of those scheme has work .
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Arrival say in its Wednesday filing it ended the first one-half of 2023 with about$43 million of cash and cash equivalent weight . The company reported a net loss of $ 155.7 million in the first half of the year , compare to a release $ 100 million in the same period in 2022 . Arrival has attempt to reduce costs through reconstitute efforts that involvedlaying offthe volume of its employees . It also lose weight capital outgo to $ 4.1 million in the first half of 2023 , compared to$198.9 million in the first half of 2022 .
