Arrival receives Nasdaq warning for late financial reports
Electric automotive startup Arrival has received another warning from the Nasdaq Stock Market for producing its annual report on time.
Arrival’s financials, which are due on 1 May, have been delayed due to “the diversion of the attention of management and other personnel responsible” towards raising capital and “business combination transactions.”
Because of this, Nasdaq has warned the company is currently not in compliance with its listing rules that require public firms to file the appropriate documents in a timely fashion.
Arrival said last month it is predicting its losses for the year could be as high as £840m.
It is not the company’s first telling off from the New York-based exchange, as back in November the firm was given a low share price non-compliance letter.
For its shares to remain on the Nasdaq, which it floated on in 2021, Arrival has until 3 July to present the results or a plan of action.
Not presenting its yearly financials adds to the company’s reverse stock split it began last month again in order to satisfy minimum listing obligations on the stock exchange.
Further funding for its electric van and bus development is currently underway at the automotive firm in an attempt to minimise its burn rate.
To help with production Arrival secured £246.5m from Westwood Capital as a lifeline to continue operating until later this year.
This contribution from Westwood Capital was in addition to £41.4m equity and £100.2m debt from Antara in February.