Arrival confirms that it entered into a definitive business combination agreement with CIIG Merger Corp. (NASDAQ:CIIC) in a SPAC deal. 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 5.4B and is expected to provide gross cash proceeds of around 660M to the company. As part of the transaction, CIIG raised a 400M fully committed common stock PIPE that was anchored by Fidelity, Wellington Management, BNP Paribas Asset Management Energy Transition Fund and funds/accounts managed by BlackRock
Can you please tell me why CIIG is currently trading at 750m USD while the reverse merger with Arrival will value it at 5 bn USD ?
I guess CIIG will absorbe Arrival and change its name to ARVL , correct
Do you have any idea? as if the combined value will be 5 bn the share will do 5 fold at least
Someone knows the terms of this reverse merge and the ratio of exchange of shares ?
@469aecafec0e4a18b05047810cdfb1, make sense but CIIC will trade soon under ARVL so it will become ARVL ?
THeLIStR
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@PhilippeDelpCFA, feel free to go read the investors presentation on the arrival site if you really want to be informed
PhilippeDelpCFA
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@469aecafec0e4a18b05047810cdfb1, I will maybe the best way to understand the SPAC stuff
PhilippeDelpCFA
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@469aecafec0e4a18b05047810cdfb1, well I can't find when it is effective the combination and name change , I read through the documents
THeLIStR
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@PhilippeDelpCFA, Slide 41 they mention that CIIC shareholders will get 4% of ARVL
there will be 606 million pro format shares. So the market cap is 606 million times the share value
they also mention the merger is somewhere in Q1 2021, no exact date has been set yet
PhilippeDelpCFA
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@469aecafec0e4a18b05047810cdfb1, yep correct thanks a lot for this one and take care