On July 3, 2023, Arrival announced that it had agreed to terminate its business combination agreement with Capital Acquisition Corp. V, which the companies initially signed in April. Arrival also stated that it “intends to redirect its focus towards advancing other opportunities” and has “engaged the services of TD Cowen and Teneo Financial Advisory to ensure the company's seamless transition.”
On this news, Arrival’s stock price fell $0.39, or 14.1%, to close at $2.38 per share on July 5, 2023, thereby injuring investors.
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