• Arrival ARVL entered into a Business Combination Agreement with Kensington Capital Acquisition Corp. V completed KCGI.
  
• Upon closing, the common shares of the combined company are expected to be listed on the Nasdaq under the ticker symbol “ARVL.”
• Arrival is developing an innovative Class 4 (“XL”) van that the company believes will offer commercial operators a high-quality user experience and lower operating costs.
• Arrival’s purpose-built XL van targets the underserved last-mile delivery market in the United States
• Kensington has $283 million in cash (advance payments) held in trust to contribute to the combined business.
  

LUXEMBOURG and WESTBURY, NY, April 06, 2023 (GLOBE NEWSWIRE) — Arrival ARVL (“Arrival” or “Company”)Inventor of a unique new method of designing and producing electric vehicles (“EVs”), and Kensington Capital Acquisition Corp. V (“Kensington”) KCGI, a special purpose acquisition company, today announced that it has entered into a definitive agreement for a business combination. Upon closing of the transaction, the combined company will continue to be called “Arrival” and its common shares are expected to remain listed on the Nasdaq under the ticker symbol “ARVL.”

Established in 2015, Arrival aims to revolutionize the Class 4 electric vehicle segment. Its XL van was specifically designed for the high-margin last-mile delivery market, which Arrival believes is currently underserved by major OEMs. Arrival’s vans will be designed and manufactured using a flexible in-house methodology that is expected to result in streamlined integration, significantly reduced time from concept to market, reduced capital expenditures and a superior user experience.

Arrival performs design and manufacturing in-house, removing the limitations of traditional use of standardized truck chassis and second tier manufacturers. The company uses proprietary hardware components, robotic technologies and sustainable composite materials to efficiently manufacture vehicles that serve cities and…