The court declared the electric van manufacturer Arrival, whose founder is former Deputy Minister of Communications Denis Sverdlov, bankrupt. In January, the company’s shares were delisted from Nasdaq; In March, the startup sold most of its assets to pay off its debts.
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A Luxembourg court declared the startup Arrival, founded by former Deputy Minister of Communications of the Russian Federation, Denis Sverdlov, bankrupt. This is stated in a message on the United States Securities and Exchange Commission website.
“The court made a decision declaring the company bankrupt. […] “The board of directors of the company no longer manages the affairs of the company and Mr. Philippe Thibault has been appointed by the court as liquidator of the company in accordance with Luxembourg law,” the statement said.
Sverdlov launched Arrival in the UK in 2015. In October 2020, Arrival attracted $118 million in investments from funds managed by investment firm BlackRock.
The startup ran into trouble in 2022 and laid off about a third of its employees. In March 2023, Arrival raised $300 million from investment firm Westwood Capital, resulting in a net loss of $155.7 million for the half.
In November 2023, Arrival began exploring the possibility of selling the business and the company’s shares were subsequently delisted from the Nasdaq.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
