Following on from last week’s news story, Arrival UK Ltd and Arrival Automotive UK Ltd have announced the appointment of Simon Edel, Alan Hudson and Sam Woodward of EY-Parthenon’s Turnaround and Restructuring Strategy team as joint administrators, both subsidiaries of Arrival. The company says that all of Arrival’s other subsidiaries will continue their activities as usual outside of the administration process, and that the Administrators are now exploring options for the sale of the business and assets of the two companies, including the electric vehicle platform, software, intellectual property and R&D assets, for the benefit of creditors.
The move follows a notification of trading suspension and delisting from the NASDAQ stock market from 30 January. The company was notified that NASDAQ would suspend trading in its securities at the open of business on 30 January, and that a Notification of Delisting would be filed with the US Securities and Exchange Commission as a result of it no longer being in compliance with NASDAQ’s continued listing standards and the failure to submit a remediation plan.
