Arrival (ARVL) stock jumped more than 22% after the company announced a merger with Kensington Capital Acquisition Corp. V for a pro forma enterprise value of $524 million.
“This transaction provides a potentially significant capital infusion as well as additional support in bringing our XL Van to market,” said Arrival CEO Igor Torgov. “We are excited to collaborate with Kensington to meet our production targets as we aim to commercialise our XL Van by the end of 2024.”