Commercial electric vehicle startup access is being removed from the Nasdaq as it accelerates toward a thaw.
A company that went public after merging with a special purpose acquisition company, Announce Monday morning announced that the Nasdaq would suspend trading in Access shares on January 30, followed by a formal delisting. Nasdaq is taking this action after Arrival delayed publishing financial results and failed to submit a remediation plan to the exchange.
The delisting notice comes just two months after Arrival announced it had secured a $50 million lifeline, which it said it hoped would be enough to keep the company afloat while it explores selling its assets. Meanwhile, access He is said to be speaking to accounting firm EY To lead an administrative process similar to bankruptcy.
Arrival’s big promise when it was founded was that it would make electric vehicle production “radically more efficient” by using so-called microfactories to build electric delivery trucks, buses and more. It went public in 2021 through a merger with a SPAC and quickly launched With a value of $13 billion.
Like most of its EV SPAC peers, Arrival struggled to get its business up and running and instead continued to burn through the cash it raised in the deal. He has repeatedly shifted focus and gone through multiple rounds of layoffs. Access went through leadership and tried — and failed — to merge with another SPAC last year in a desperate attempt to raise more funding.
The company’s value is now approaching $20 million, at least before Nasdaq announced its delisting on Monday. It has not yet delivered a fully operational production-level vehicle to any of its potential customers, such as UPS or Uber.