Why Shares of EV Maker Arrival Jumped Today
Shares of electric vehicle (EV) start-up Arrival (NASDAQ: ARVL) spiked more than 10% Tuesday morning after the company announced a plan to avoid running out of cash. The company plans to make electric buses and vans from small manufacturing facilities located near specific customer accounts. Today, the company said it has secured $50 million in additional capital, and reduced its debt load by 38% by converting that debt to equity.