British electric van manufacturer Arrival by Denis Sverdlov increased its net losses and was considering selling the company. The startup is also exploring the possibility of pursuing an “alternative strategic process” instead of selling. Arrival posted a loss of $155.7 million in the first half of 2023.
Electric van maker Arrival has begun exploring options to sell its business or undertake an “alternative strategic process”. This was reported by TechCrunch.
Arrival also secured a $10 short-term loan from Antara Capital and Highbridge Capital to cover its current liabilities, with the option of two further tranches of $20 million each.
According to the report, Arrival’s net loss in the first half of 2023 amounted to $155.7 million compared to $100 million in the first half of 2022. The startup has no revenue.
In March of this year, Arrival raised $300 million from Westwood Capital. The funds will reportedly help the company stay in business until at least the end of 2023.
Author:
Kirill Bilyk
Source: RB
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