Stem, Inc. to become publicly listed through SPAC company STPKStem, Inc. to become publicly listed through business combination with Star Peak Energy Transition Corp. (NYSE: STPK).
• Stem, Inc. – Market Leader in AI-Driven Clean Energy Storage Systems – to Combine with Star Peak, Creating First Public Pure Play Smart Energy Storage Company
• Founded in 2009, Stem is an energy storage leader that offers customers a complete solution of integrated battery storage systems, network integration and battery optimization via its proprietary AI-driven software platform called Athena™.
• Transaction to provide up to $608 million in gross proceeds, comprised of Star Peak’s $383 million of cash held in trust, assuming no redemptions, and a $225 million fully-committed common stock PIPE at $10.00 per share, including investments from funds and accounts managed by BlackRock, Van Eck Associates Corporation, Adage Capital Management, L.P., Electron Capital Partners, and Senator Investment Group.
• Following the expected first quarter 2021 transaction close, the combined company will have an estimated equity value of approximately $1.35 billion and will remain listed on the New York Stock Exchange under the new ticker symbol “STEM.”
• Stem’s energy storage systems address a $1.2 trillion market opportunity , and offers investors a unique ESG opportunity to invest in a pure play clean energy company helping to revolutionize the electric grid.
www.businesswire.com stock
Stockmarkets
NSCO soars after $1.5 billion acquisition deal and equity investNesco Holdings To Acquire Custom Truck One Source And Create Leading Specialty Rental Equipment Company In Partnership With Platinum Equity
Nesco and CTOS are leading providers of specialized truck and heavy equipment solutions including rental, sales and aftermarket parts and service.
Platinum Equity, the premier financial sponsor in the specialty rental equipment industry, has committed to invest over $850 million in Nesco in exchange for newly issued common stock at a price of $5.00 per share and will hold a majority interest in the combined company
Nesco lead investors, Energy Capital Partners and Capitol Investment, and existing CTOS lead investor, Blackstone, to remain ongoing shareholders in partnership with Platinum Equity
Combination significantly reduces leverage, includes material synergies and substantially enhances both corporate and public market liquidity
With complementary business lines, customer bases and capabilities, the combination is expected to yield significant benefits from increased scale, breadth of product and service offerings and expanded geographic coverage.
existing CTOS shareholders are expected to invest approximately $100 million into Nesco in exchange for newly issued common stock also at the same price as Platinum.
After the closing of the CTOS purchase, which is expected to occur in the fist quarter of 2021, Platinum is expected to own approximately 57% of Nesco's outstanding stock, following an additional equity investment of up to $200 million from Platinum.
finance.yahoo.com
www.marketwatch.com
LIZI stock soars after Car Audio Collaboration with Xpeng MotorsLIZHI INC. Enters In-Car Audio Collaboration with Xpeng Motors
To integrate LIZHI’s in-car audio content product into Xpeng Motors’ in-car intelligent operating system. The product has been launched in this week.
With seamless connectivity, LIZHI will strive to enrich the personalized driving experience for Xpeng Smart EV users.
finance.yahoo.com
Tredegar Board Declares Special Dividend of $5.97 Per ShareTredegar Board Declares Special Dividend of $5.97 Per Share
The Special Dividend is payable on December 18, 2020 to shareholders of record at the close of business on December 11, 2020.
The Special Dividend is a direct result of our strong cash generation that resulted in cash in excess of debt of $28 million at September 30, 2020, which increased further at the end of October with the closing on the sale of our Personal Care business for estimated net proceeds (after transaction costs, purchase price adjustments and transition services) of $45 to $50 million.
the distribution of excess cash is being supplemented by borrowings under our revolving credit facility, which has a maturity date in June 2024, thereby allowing us to prudently use financial leverage in a low interest rate environment while also preserving available capital to meet the needs of our business units."
finance.yahoo.com
How To Place A Wheel TradeI’m Markus Heitkoetter and I’ve been an active trader for over 20 years.
I often see people who start trading and expect their accounts to explode, based on promises and hype they see in ads and e-mails.
They start trading and realize it doesn’t work this way.
The purpose of these articles is to show you the trading strategies and tools that I personally use to trade my own account so that you can grow your own account systematically.
Real money…real trades.
All right, so how exactly do you place a trade for The Wheel? Well if you have been following me for a while, then you know that I love trading two strategies.
The first strategy I trade with is The PowerX strategy and it’s my bread and butter strategy.
The second strategy I love trading is The Wheel strategy and this strategy has a very high winning percentage.
In fact, I’ve been trading it publicly live on my YouTube channel over the past few months, and thus far, knock on wood, I have a 100% winning percentage.
Having a trading strategy is key, but how do you actually place a trade? In this article, I will show what steps you need to take, from what type of account you need, to how exactly to place the trade.
I’ll show you these steps using two popular brokers, first on tastyworks, and then on Interactive Brokers because I know that many international traders use this platform.
Getting The Right Trading Permissions
Firstly, you can trade The Wheel in any account you want, even in a retirement account. You just need to make sure you have the right options for trading permissions.
When it comes to options trading there are four levels. On any account opening form they ask you, as any broker would,
“What type of activity do you plan to conduct in your options account?”
It doesn’t matter whether it is a cash account, a margin account, or a retirement account, all you need for trading The Wheel strategy is the lowest permission possible which is Tier 1.
With Tier 1, you can write and sell covered calls, as well as writing and selling cash-secured puts. This is exactly what we are doing with The Wheel strategy.
So this is step number one because if you don’t have these permissions, there’s not a whole lot that you can do.
Contact your broker and make sure that you have Tier 1 options permissions, which again, are writing covered calls and cash-secured puts.
If you have a higher Tier, like Tier 2 or 3, that’s okay, because Tier 1 is included in the higher Tiers.
The 4 Things You Need To Know
Before placing a trade, there are the first four things that you need to know:
What type of option are you trading? Are you trading a call or a put?
You need to know what is the expiration of the option.
What is the strike price?
What’s the minimum premium that we want to get in this trade when trading The Wheel strategy?
For those who may not be aware, when I take a trade I send out an alert notifying those who opt into our Power Income Alerts feature. I recently sent an alert out for a trade with WYNN that I recently took.
According to this alert, the idea is we believed that WYNN would stay above 70 by October 30th, but if it is less than $70, we would be assigned shares, then sell calls against the position.
The alert contained the four things needed to know in order to place the trade. It had the strike price, the expiration, and the credit that we wanted to achieve.
With this information from this alert, I’m now going to explain to you how would enter this trade in tastyworks, and then I will explain to you how exactly you do this on Interactive Brokers as well.
How To Enter A Trade In Tastyworks
Once you bring up the tastyworks platform, the first thing that you need to do is enter the symbol.
In the upper-left-hand side, we would enter WYNN because this is the stock that the alert went out for, so we type in W-Y-N-N.
Now, the second thing is, as soon as we bring it up, you click on the “TRADE” on the left-hand side.
After you click the “TRADE” tab, you have to select the expiration from the list that populates.
According to the alert, the expiration we are looking for is October 30th so this is the expiration we would select.
Now you’ll see all the calls on the left-hand side and all the puts on the right-hand side.
You just click on the bid price, and after clicking, it’ll say “S1”.
So this means now that you are selling one contract.
Now, depending on your account size, you might want to sell more than one contract.
This is why the alert will tell you the buying power that you would need to trade one option if you want to trade it cash secured, which I highly recommend you do cash secured, and that would be $7,000 for each option that you want to trade.
So for me personally, in the account I was using, I wanted to trade three options so I adjusted the quantity until I saw three options.
So the next thing is that you need to specify is the minimum amount of premium that you want to achieve.
In the alert, I specified that you should receive at least $0.50 credit.
The bid/ask of this option right now is between $0.80 for the bid and $0.84 for the ask, and it makes sense to go with the mid-price which most brokers suggest.
Now click on “REVIEW AND SEND”, and then you have the opportunity to quickly reviewing your order.
So now we have three WYNN options here that we are selling (-3), with an expiration of October 30th, and a strike price of 70.
You’ll see a P which stands for “put,” and STO means “sell to open.”
The limit order I used to sell it was at $0.82.
Now $0.82 is above the $0.50 credit that I suggested that you get at a minimum in the alert, so if you are able to get more than the minimum, good, do it.
There are estimated commissions and fees, and then you just have to hit “SEND ORDER” and the order gets placed.
You now just have to wait to get filled. If you’re not getting filled right away, you can adjust your bid and ask, so instead of going for $0.82, you can then try lowering your bid to see if you get filled.
As you can see, it’s very simple, and next, I want to show you also exactly how to do this on Interactive Brokers, and it’s just as easy.
How To Enter A Trade In Interactive Brokers
All right, so let’s go over how to place a trade with the Interactive Brokers platform.
Now I will be using the information from the same alert we used when placing the tastyworks trade.
This platform looks slightly different, but the functionality is always relatively the same.
There will be a place where you can enter the symbol, so we are typing in WYNN as the symbol in the upper left.
As soon as we hit Enter, it will ask us if we want to trade stocks, or do we want to trade options, so of course, we pick “options.”
This will bring up the options chain.
An alternative way to bring up the options chain is to click “New Window” above the field where you input the stock ticker and click “OptionTrader” to bring up the options chain.
I will look almost similar to how it looks on tastyworks.
So here again, we enter, simply W-Y-N-N and now we need to pick the expiration.
The expiration going back to the alert is October 30th and a strike price of 70.
Just like we did in tastyworks, after selecting the strike price of 70, we click on the bid.
Once we click on the bid, it will bring up the order at the top.
It asks for a limit order, and we can also adjust the number of contracts.
So instead of trading one contract, we can trade three contracts.
We can also adjust the limit order to 82, as we had with tastyworks.
When we’re done, all we need to do right now is hit the T for Transmit.
Summary
As you can see, there are differences between these packages.
I personally use Interactive Brokers a lot, and it is very popular with international traders.
I also use the tastyworks platform and find it a little bit easier to use.
Now you know how to place a trade according to the Wheel, using tastyworks and Interactive Brokers.
Other brokers, other than these two, will be very, very similar.
After reading this article, you now know what type of account you need for trading The Wheel Strategy, and you can use a cash account, a retirement account, or a margin.
It doesn’t matter as long as you have Tier 1 options permissions meaning you can write/sell covered calls, and cash-secured puts.
Within the platform, all you need to do is input whether you’re trading a call or put, the expiration, strike price, and what’s the minimum premium that you want to collect. It really is that easy.
The power of this Strategy for long term stocks investingHello Traders
Hope you are all enjoying the weekend.
I just wanted to share a series a stocks trades I am reviewing which have proved to be successful by using the trend based strategy software I use.
The strategy in use I am utilizing mainly on Forex pairs but can be used on stocks as well as indices and crypto.
The example you see here is working the one week time frame on Tesla stock.
Now as we all this stock has climbed and climbed this year but the trend strategy in use picked the potential upward trend as early as last year and presented a buy signal. The stock has gone on to grow 700%.
This could be a very valuable tool for long term stock trading, stock picking and for growing portfolios.
For any more information on the strategy I am using please feel free to message me.
XL Fleet Expects its Largest Partner to Double Orders in 2021XL Fleet Expects its Largest Partner to Double Orders in 2021
Farmbro Inc. (“Farmbro”), an Ontario-based upfitting solutions service provider specializing in commercial and work vehicles, expects to double its sales volume from approximately 1,000 XL unit installations in 2020 to over 2,000 in 2021 to meet the increasing demand for fleet electrification in Canada. As part of its expanding partnership, XL Fleet is recognizing Farmbro as its Sales and Installation Partner of the Year for 2020.
Farmbro is a member of XL’s Sales and Installation Partner network, the Company’s comprehensive go-to-market channel for selling and installing the thousands of electrification systems it has deployed in fleet vehicles throughout North America.
“Farmbro has been an exceptional partner for XL Fleet, as we have greatly expanded our reach into the Canadian fleet market over the past 18 months,”
“Demand in Canada for vehicle electrification has skyrocketed in recent years as both government and corporate initiatives on carbon reduction have become a priority for fleets,”
www.xlfleet.com
XL Fleet Expands XLP™ Plug-in Hybrid Electric Drive SystemXL Fleet Expands XLP™ Plug-in Hybrid Electric Drive System For Use in Multiple GM Fleet Applications
The platform is expected to begin shipping on select configurations of the Chevrolet and GMC Silverado / Sierra 2500 HD and 3500 HD pickup trucks in the first quarter of 2021, and on Chevrolet and GMC 3500 and 4500 cutaway chassis in the second quarter of 2021.
The Company’s newest product offering expands its growing lineup of plug-in hybrid electric drive systems, which can improve fuel economy by increasing miles per gallon by up to 50% and reducing CO2 emissions by approximately one-third compared to traditional gas-powered vehicles.
XL’s ability to electrify a wide range of commercial applications from the world’s leading vehicle manufacturers allows us to immediately serve this market with proven, high performance vehicles that are already designed and specified for the rigorous duty cycles of fleets."
By leveraging our experience with over 200 customers and utilizing proprietary data from nearly 140 million customer miles driven, we are uniquely positioned to quickly and efficiently develop solutions for applications with significant demand
XL remains on track to complete its previously announced merger agreement with Pivotal Investment Corporation II (NYSE: PIC), a publicly traded special purpose acquisition company, in the fourth quarter of 2020. Upon closing, the combined company will be named XL Fleet Corp. and is expected to remain listed on the New York Stock Exchange under a new ticker symbol, "XL".
finance.yahoo.com
XL Fleet to List on NYSE Through Merger With Pivotal InvestmentXL Fleet, a Commercial Vehicle Electrification Solutions Leader, to List on NYSE Through Merger With Pivotal Investment Corporation
• XL is a leading provider of electrified powertrain solutions for U.S. and Canadian commercial fleet vehicles built by Ford, Chevrolet, GMC, and Isuzu
• Thousands of XL units already on the road and over 130 million miles driven by its more than 200 customers, including FedEx, The Coca-Cola Company, PepsiCo, Verizon, the City of Boston, Seattle Fire Department, Yale University, and Harvard University
• XL has strong demand momentum with a $220 million 12-month sales pipeline and forecasted revenue of over $21 million in 2020 and $75 million in 2021
• Pro forma implied enterprise value of the combined company of $1 billion; combined company is expected to have approximately $350 million in net cash at closing, which includes an upsized $150 million fully committed PIPE backed by new and existing strategic and institutional investors
• All XL shareholders, including Constellation Technology Ventures, and management will retain 100% of their equity in the combined company
• Upon closing, the combined company will be named XL Fleet and is expected to remain listed on the New York Stock Exchange under a new ticker symbol, "XL", with an anticipated implied enterprise value of approximately $1 billion and no material debt expected to be outstanding.
• The Company’s rapidly deployable technology solutions position it for long-term growth in a total addressable market that is greater than $1 trillion, which incorporates the money spent on energy consumption and vehicle costs for commercial fleets globally.
• XL’s revenues are expected to more than triple in 2021, cementing its status as the leading provider of vehicle electrification solutions for commercial and municipal fleet vehicles."
• Pivotal and XL Boards of Directors have unanimously approved the proposed merger and the related transactions, which are expected to be completed in the fourth quarter of 2020, subject to, among other things, the approval by Pivotal’s and XL’s stockholders of the proposed merger and satisfaction or waiver of other customary closing conditions.
finance.yahoo.com
Momentus to Become Public Through Merger With SRACMomentus to Become Public Through Merger With Stable Road Acquisition Corp.
Merger to create the first publicly traded space infrastructure company at the forefront of the new space economy
Momentus partners and customers include SpaceX, Lockheed Martin, and NASA
Combined company will have an estimated enterprise value of approximately $1.2 billion and will become listed on Nasdaq under the ticker symbol "MNTS" following expected transaction close in early 2021
Pro forma for the transaction, Momentus will have approximately $310 million in cash on the balance sheet, to be funded by Stable Road’s $172.5 million of cash held in trust (assuming no redemptions) and $175.0 million from a fully committed common stock PIPE at $10.00 per share, including investments from private equity growth investors, family offices and select top tier public institutional investors
The current size of the global space economy is expected to grow from an estimated $415 billion to $1.4 trillion by 2030 driving demand for transportation and infrastructure services in space.
finance.yahoo.com
Record Date for Stockholders Eligible to Vote on MergerRMG Acquisition Corp. Announces Record Date for Stockholders Eligible to Vote on Merger
-------------------------------------------------------------
• Announced that the close of business on Tuesday, December 1, 2020, has been set as the record date for the determination of stockholders eligible to receive the proxy and vote at the special meeting to be held to consider and approve the previously announced merger with Romeo Systems, Inc., a Delaware corporation ("Romeo Power").
• On October 5, 2020, Romeo Power and the Company announced a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company.
• A proxy statement, once final, will be mailed together with a proxy card to the Company’s stockholders. The final proxy statement will include the date, time and location of the special meeting.
-----------------------------------------------------------------------------------------------------------
About Romeo Power
Romeo Power, founded in 2016 in California by Michael Patterson, is an industry leading energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles.
finance.yahoo.com
Nuvve To Become Publicly Listed Company through NABC "Spac"1. Nuvve To Become Publicly Listed Company to Accelerate Worldwide Commercialization of Its Vehicle-to-Grid (V2G) Technology
--------------------------------------------------------------------------------------------
Nuvve transforms electric vehicles into reliable, dispatchable and monetizable assets, which lowers the cost of electric vehicle (EV) ownership while supporting the integration of renewable energy for a scalable and sustainable green society.
-- Company projects revenue growth to outpace the EV charging industry.
-- Institutional investors commit to invest approximately $18 million in aggregate via a PIPE and bridge financing.
TRANSACTION DETAIL:
-Newborn is combining with Nuvve at a transaction value of approximately $102 million, subject to closing adjustments.
- 10.17 million shares will be issued or reserved for issuance to existing Nuvve stockholders and option holders, based on a value of $10.00 per share.
- Newborn has signed definitive agreements for the sale of approximately $14 million in equity to institutional investors in a PIPE. The PIPE investors will acquire Nuvve Holding shares at $10.00 per share.
- For each share bought, the PIPE investors will receive 1.9 warrants; each whole warrant is exercisable for ½ of a Nuvve Holding share. The warrants are exercisable at $11.50 per whole share and have terms identical to the warrants that were sold as part of Newborn's IPO.
- Nuvve also completed a $4 million bridge financing with an institutional investor in connection with the business combination. The investor in the bridge financing received a senior secured convertible debenture that will convert into equity immediately prior to the closing of the business combination.
- pro forma equity value of the combined company will be approximately $202 million.
- Pro forma net cash available to Nuvve at closing after estimated fees and expenses is expected to be approximately $70 million, made up of approximately $57.5 million in Newborn's trust account (assuming no redemptions), net proceeds of $18 million PIPE and bridge financing, and cash on Nuvve's balance sheet.
- Assuming no debt outstanding, the combined company's pro forma enterprise value is expected to be approximately $132 million. Proceeds from the transaction will be used for general working capital, growth purposes and retirement of 0.6 million shares from legacy Nuvve shareholders.
- Existing Nuvve stockholders have agreed to a one-year lock-up from merger close, subject to a partial release if after the 6 month anniversary of the merger close the VWAP of the Nuvve Holding shares is at or above $12.50 for 20 out of any 30 consecutive trading days.
- Existing Nuvve stockholders will also be entitled to receive an earnout of 4 million newly issued Nuvve Holding shares if Nuvve's 2021 revenue exceeds $30 million as reported in its 2021 audited financial statements.
- It is currently anticipated that the business combination will close in the first quarter of 2021.
2. V2G technology leader and leading electric heavy-duty vehicle manufacturer partner to provide V2G-enabled electric school buses and trucks
--------------------------------------------------------------------------------------------
collaboration on launching vehicle-to-grid (V2G) technology as a standard feature of their zero-emission school buses.
Lion's buses and Nuvve's V2G technology will be fully integrated, which will enable the batteries of Lion vehicles to dynamically store and discharge energy when plugged in and controlled by Nuvve's software platform.
finance.yahoo.com
finance.yahoo.com
S&P 500 INDEX - DAILY CHART - SHORTThe rising wedge on the daily chart shows a possible top
for the S&P 500 Index. However, we may see a false upside breaking of the upper trend line. However sustain trading above 3700 may negate the downtrend.
GLJ Research Upgrades US Steel (X) to BuyGLJ Research analyst Gordon Johnson upgraded US Steel (NYSE: X) from Hold to Buy with a price target of $17.30.
-Foreseeing a revival of car demand in the U.S., and a revival of "high-end auto steel markets" alongside it, GLJ says it is currently seeing the "most bullish setup we've seen for the US steel sector since mid-2019.
-Global steel prices surging, This is happening at the same time as the U.S. steel market is enduring "acute shortages" in supply.
-GLJ sees "massive ... liquidity" from government stimulus efforts, and more coming down the pike from a "stimulus-friendly Biden Administration."
- In GLJ's view, U.S. Steel, which cost $11 and change yesterday could conceivably soar as high as $17.30 over the next 12 months
www.fool.com
www.streetinsider.com
Trivago CEO: 'We do expect a strong demand for travelTrivago CEO: 'We do expect a strong demand for travel because it will be a long winter'
finance.yahoo.com
OPTT Expands Commercial Team With Southern Europe-Based RepOPTT Expands Commercial Team With Southern Europe-Based Representative
- Jorge Franco has joined the Company as Regional Sales Representative based in Spain.
- Southern Europe offers opportunities for OPT’s offshore power and communications solutions, particularly in the oil and gas industry
- Jorge has significant relationships within leading companies operating in the region, and we believe his experience will be beneficial to serving OPT’s existing and prospective customers.
- He has more than 20 years of experience in multinational technical companies selling products and services for offshore operations
finance.yahoo.com
RKT-This Is The Moment To Buy. With the support level at 20 and head and shoulders bottom, I think we will see the range of 28-30 next month. The 0.702 retracement level is very important.
Ideanomics Increases Its Stake in e-Tractor Company Solectrac- Electric tractors are poised to disrupt the $75 billion global agricultural tractor industry
NEW YORK, Nov. 23, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") announces that it has increased its stake in California-based Solectrac, Inc. through a follow-on investment of an additional $1.3 million. This additional investment reflects investment interest in Solectrac by ESG funds which is expected to close in the coming weeks. As a reminder, on October 22, 2020, the Company announced that it acquired 14.7% of Solectrac, Inc. for the consideration of $1.3 million. Since this announcement, Solectrac experienced an increase in product and investment inquiries.
This recent investment increases Ideanomics ownership to 24%, which will reduce to approximately 22% post-money once the additional third-party investment is finalized. The new investment by Ideanomics allows Ideanomics to increase its share of ownership sufficiently to recognize its stake in Solectrac under the equity method for US GAAP accounting purposes.
We believe Solectrac has enormous potential and, given the uptick in both product inquiries and investment interest they are seeing, we exercised our rights to increase our stake so we can help Solectrac scale to meet anticipated market demand ," said Alf Poor, CEO of Ideanomics.
Solectrac develops, assembles and distributes 100% battery-powered electric tractors—an alternative to diesel tractors—for agriculture and utility operations.
finance.yahoo.com
DPW Shares rises on Plan to Put EV Chargers at Fast-Food OutletsDPW Holdings’ Coolisys® Power Electronics Business to Test ACECool™ EV Chargers Targeting National Fast-Food Franchise Networks
("Coolisys®"), has established a program targeting both national and regional fast-food franchisees to install the ACECool™ electric vehicle ("EV") chargers as a part of a revenue sharing program. The program initially will be funded from the Company’s recent capital raising activities. The program is expected to be launched in California, Nevada and Canada. While the Company is excited about Coolisys’ new franchise program, there is no assurance that the program will be successful.
the program will allow franchise owners and operators to install the ACECool™ EV chargers and share in the net revenue from advertising and network usage.
Coolisys expects to launch its program with a national fast-food network franchisee that forms a part of a network with over 1,000 locations. Coolisys expects to announce other network partners in the first quarter of 2021.
Global EV sales rose a dramatic 65% from 2017 to 2018, for a total of 2.1 million vehicles, with sales figures steady through 2019.
EV demand is again expected to rise according to a study by Bloomberg New Energy Finance, which sees improved batteries, more readily available charging infrastructure, new markets and price parity with internal combustion engine vehicles as the major growth drivers.
finance.yahoo.com
Arrival to list on NASDAQ through merger with CIIG Merger Corp.-Arrival, the company creating electric vehicles (“EVs”) with its game-changing technologies, has entered into a definitive business combination agreement with CIIG Merger Corp. (NASDAQ: CIIC); and the newly combined company will be listed on the NASDAQ under the new ticker symbol “ARVL”
-The transaction values the combined company at an enterprise value of US $5.4 billion and is expected to provide approximately US $660 million in gross cash proceeds to the Company.
-As part of the transaction, CIIG raised a US $400 million fully committed common stock PIPE that was anchored by Fidelity Management & Research Company LLC, Wellington Management, BNP Paribas Asset Management Energy Transition Fund, and funds and accounts managed by BlackRock
-Arrival is producing EVs competitive in price with fossil fuel alternatives and substantially lower than comparable EVs
-Arrival has developed a new method of designing and producing zero-emission vehicles using its proprietary hardware, software and robotics technologies and low cost Microfactories
-Arrival has signed contracts with total order value up to US $1.2 billion and its first products are planned for production in Q4 2021
-Arrival has previously received investment from strategic partners Hyundai, Kia, UPS, Winter Capital, and funds and accounts managed by BlackRock
-The combined company will add Peter Cuneo, CIIG’s Chairman and CEO, as Non-Executive Chairman to its post-closing Board of Directors
www.globenewswire.com
