EV maker Arrival scraps SPAC merger plans as focus on cash burn
British electric vehicle company Arrival, whose shares fell more than 2% in extended trading, had said in April it would merge with Kensington Capital Acquisition Corp V to bolster its depleting cash pile. The special purpose acquisition company (SPAC) did not immediately respond to a request for comment. Meanwhile, Nikola Corp will liquidate the assets of Romeo Power, an EV battery maker it acquired less than a year ago, to energize the business.
Source: yahoo.com
