Arrival (ARVL) falls 17% following delisting notice

Shares of British EV maker, Arrival (NASDAQ: ARVL) sank more than 17% Monday morning after the company announced that it has received a delisting and stock trading suspension notice from the Nasdaq.

Trading of Arrival's stock will be halted starting January 30, in accordance with the communicated notice.

Similar to other electric vehicle startups, the company has grappled with increased interest rates and production costs over the past year. Additionally, a funding squeeze has led to dwindling cash reserves.

Recent reports indicate that Arrival has been in discussions with accounting firm EY regarding the possibility of acting as an administrator in the event the company fails to secure necessary funds.

Facing economic challenges, several electric vehicle companies, including Lordstown Motors, Proterra, and Sweden's Volta Trucks, have succumbed to bankruptcy.

Arrival had previously received a notice of delisting due to non-compliance with listing rules after the company delayed filing interim financial statements and then failed to conduct an annual shareholder meeting.

Shares of ARVL are down 17.44% in mid-day trading on Monday.

By Michael Elkins | [email protected]

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