Balanced News: Arrival secures emergency cash so it can sell itself

Electric vehicle (EV) startup Arrival has secured a $50 million bridge loan to stay afloat while it explores a potential sale, according to regulatory filings. The loan, provided by Antara Capital and Highbridge Capital Management, will be used alongside Arrival’s remaining cash to find a buyer or pursue other strategic alternatives. Arrival, which once had ambitious plans to build EVs using microfactories, has faced financial struggles, including layoffs, missed SEC filing deadlines, and failed attempts to secure more capital. The company reported a net loss of $155.7 million in the first half of 2023 and had about $43 million in cash and cash equivalents.