CIIC stock has faded a bit, but a broader pullback in EV SPACs means it could have further to fall
This year has seen an incredible increase in interest surrounding special purpose acquisition companies (SPACs). In fact, many companies have come to the market via this path. These companies do not have operations, but instead exist to raise capital via an initial public offering (IPO) to fund the company they merge with.
These special purpose acquisition companies are merging with manufacturers that are driving the future of the automotive industry.
London-based Arrival will combine with US firm CIIG Merger. The combined company expects to list on the NASDAQ under the ticker symbol “ARVL.”