ARVL Arrival

By Colin Kellaher

Electric-vehicle maker Arrival on Wednesday unveiled plans to raise more than $500 million through offerings of common stock and green bonds.

The Luxembourg-based company said it plans to sell 25 million shares in a follow-on offering, along with $200 million of green convertible senior notes due 2026.

At Tuesday's closing price of $13.25, the offering of shares would raise around $330 million.

Arrival, which currently has about 620.4 million shares outstanding, said that it plans to use proceeds from the stock offering for general corporate purposes, and that it will grant the underwriters an option to buy up to 3.75 million additional shares.

Arrival said it plans to allocate an amount equal to the net proceeds from the notes offering to finance or refinance eligible green projects, including those related to electric vehicles and associated infrastructure, renewable energy, and the design of eco-efficient products and production technologies.

Shares of Arrival fell 4.9% to $12.60 in premarket trading Wednesday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 17, 2021 07:11 ET (12:11 GMT)

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