Arrival trumpeted how its automated microfactories would simultaneously churn out electric vans for UPS, cars for Uber drivers and buses for the U.K., Italy and California. The past 15 months provide a different story line. The company laid off workers four times, slashed production targets and dropped its Uber car and bus programs. It’s even struggling to meet Securities and Exchange Commission filing requirements. The company reported Friday in a regulatory filing that it missed another deadline to file its 2022 annual report, putting it out of compliance with the Nasdaq Exchange. If Arrival fails to appeal, Nasdaq will suspend trading of its ordinary shares November 9.
Arrival, which went public via a merger with a special purpose acquisition company in the high-flying meme stock days of 2021, appears to have little hope of realizing its goals.
Prior to its first SPAC, Arrival started life in stealth. Will it die the same way?
Arrival’s next earnings report could shed light on whatever gas it has left. Yet, since the company failed to share its September financial report, and hasn’t responded to TechCrunch’s requests for comment, we’ve rolled back the clock ourselves to put Arrival’s current state of limbo into context. Here’s how Arrival, a company that debuted on Nasdaq valued at $13 billion, has withered over the past 15 months to a market capitalization of just under $20 million.