Shares of Arrival (NASDAQ: ARVL) ended November down 43.2% from where they started the month, according to data from S&P Global Market Intelligence, as the electrical vehicle (EV) start-up issued a disappointing earnings report that also warned there would be further delays for when an actual EV would roll off the assembly line. It followed up with an announcement that it would be diluting shareholders with a secondary stock offering of 25 million shares (with a total of as much as 28.7 million if the underwriters want in) in a bid to raise around $330 million in cash as well as issuing convertible notes worth an additional $200 million. Going public via special purpose acquisition companies (SPACs) still generates a lot of interest from investors, but that doesn't mean all the companies taking advantage of the reverse merger process are ready for prime-time investment.
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