Arrival : Completion of Warrant Redemption (Form 6-K)

Completion of Warrant Redemption

On June 18, 2021, Arrival (the 'Company') issued a press release announcing the redemption of all of its outstanding public warrants (the 'Public Warrants') for $0.01 per warrant on July 19, 2021 pursuant to the terms of that certain Warrant Agreement dated as of December 12, 2019 by and between CIIG Merger Corp. ('CIIG') and Continental Stock Transfer & Trust Company, as warrant agent, which was assumed by the Company in connection with the business combination between CIIG, the Company and ARSNL Merger Sub Inc.

On July 21, 2021, the Company completed the redemption of 711,536 outstanding Public Warrants for $0.01 per warrant. Prior to the redemption and since the Company's announcement on June 18, 2021, the Company had received approximately $140.6 million of cash proceeds resulting from the exercise of 12,225,957 outstanding Public Warrants. Each Public Warrant was exercisable for one of the Company's ordinary shares at an exercise price of $11.50 per share. In addition, since June 18, 2021, 4,783,334 private warrants were exercised on a cashless basis resulting in the issuance of 2,048,117 ordinary shares of the Company. The Company currently has 620,431,341 ordinary shares outstanding.