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false00018350590.0430.13750.2601As per the share plan, participants are granted options which have the following vesting conditions: a) 50% of share options granted vest on the first anniversary of the participant’s start date, b) 25% of the share options vest subject to a production rate milestone and c) 25% of the share options vest subject to a contribution milestone. All the above conditions are subject to an exit event, which is the asset or share sale of the Group or an initial public offering (“IPO”). In addition, the employee participating in the share option scheme must be an employee of the Group at the time a vesting condition has been met. The latter condition, it is not applicable for non-employee participants.Other reserves comprise of translation reserves and equity reserves which are not distributable (see note 13). 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Table of Contents
As filed with the Securities and Exchange Commission on November 1
7
, 2021
Registration No. 333-            
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
F-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
 
 
ARRIVAL
(Exact Name of Registrant as Specified in Its Charter)
 
 
 
Grand Duchy of Luxembourg
 
3711
 
98-1569771
(Jurisdiction of Incorporation or Organization)
 
(Primary Standard Industrial Classification Code Number)
 
(I.R.S. Employer Identification Number)
1, rue Peternelchen
L-2370
Howald,
Grand Duchy of Luxembourg
+352 621 266 815
(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)
 
 
Daniel Chin
General Counsel
1, rue Peternelchen
L-2370 Howald
Grand Duchy of Luxembourg
Tel: +352 621 266 815
(Name, address, including zip code, and telephone number, including area code, of agent for service)
 
 
Copies to:
 
Frank R. Adams, Esq.
Faiza Rahman, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, New York 10153
Tel:
(212) 310-8000
Fax:
(212) 310-8007
 
Byron B. Rooney, Esq.
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, New York 10017
Tel: (212)
450-4000
 
 
Approximate date of commencement of proposed sale to the public:
As soon as practicable after this registration statement becomes effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 (as amended, the “Securities Act”), check the following box.  ☐
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration number of the earlier effective registration statement for the same offering.  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer
 
  
Accelerated filer
 
       
Non-accelerated filer
 
  
Smaller reporting company
 
       
       
 
 
 
  
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.   
 
 
CALCULATION OF REGISTRATION FEE
 
 
 
Title of each class of
securities to be registered
  
Amount
to be
registered
 
  
Proposed
maximum
offering price
per share
 
  
Proposed
maximum
aggregate
offering price
 
 
Amount of
registration fee
 
Primary Offering Ordinary Shares, with a nominal value of €0.10 per share
  
 
28,750,000
(1) 
  
$
14.01
 
  
$
402,787,500
(1)(2) 
 
$
37,388.40
 
 
 
(1)
Consists of (i) 25,000,000 Ordinary Shares, with a nominal value of €0.10 per share (“Ordinary Shares”) of Arrival, a joint stock company (
société anonyme
) governed by the laws of the Grand Duchy of Luxembourg (the “Company”) and (ii) 3,750,000 Ordinary Shares subject to the underwriters’ option to purchase additional shares.
(2)
Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(a) and Rule 457(c) under the Securities Act of 1933, as amended. The maximum price per share and the maximum aggregate offering price are based on the average of the $14.52 (high) and $13.51 (low) sale price of the Registrant’s Ordinary Shares as reported on the The Nasdaq Stock Market LLC on November 11, 2021, which date is within five business days prior to filing this Registration Statement. Includes the offering price of 3,750,000 additional Ordinary Shares that the underwriters have the option to purchase. See “Underwriting.”
 
 
The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act, or until the registration statement shall become effective on such date as the Securities and Exchange Commission (the “SEC”), acting pursuant to said Section 8(a), may determine.
The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
 
Subject to Completion, dated November 1
7
, 2021
PRELIMINARY PROSPECTUS
 
25,000,000 ORDINARY SHARES
We are offering a total of 25,000,000 common shares with a nominal value of €0.10 (the “Ordinary Shares”). On November 15, 2021, the last reported sale price of our Ordinary Shares on The Nasdaq Stock Market LLC was $13.52. The final public offering price will be determined through negotiation between us and the lead underwriters in the offering and the recent market price used throughout the prospectus may not be indicative of the final offering price. Our Ordinary Shares are listed on The Nasdaq Global Select Market under the symbol “ARVL.”
Kinetik S.à r.l., our majority shareholder, owns 74.67% of the Ordinary Shares and has the right to propose for appointment a majority of our board of directors until it owns less than 30% of the Ordinary Shares. Accordingly, we are a “controlled company” under Nasdaq corporate governance rules and are eligible for certain exemptions from these rules.
We are a “foreign private issuer” under applicable Securities and Exchange Commission rules and an “emerging growth company” as that term is defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”) and are eligible for reduced public company disclosure requirements.
You should read this prospectus and any prospectus supplement or amendment carefully before you invest in our securities. Investing in the Company’s securities involves risks. See “
” beginning on page 14 of this prospectus.
Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
 
 
 
Per

Share
 
 
Total
 
Public offering price
 
$
             
 
 
$
             
 
Underwriting discount(1)
 
$
 
 
 
$
 
 
Proceeds, before expenses, to us
 
$
 
 
 
$
 
 
 
(1)
We refer you to “Underwriting,” beginning on page 127 of this prospectus, for additional information regarding total underwriter compensation.
We have granted the underwriters the right for 30 days from the date of this prospectus to purchase up to an additional 3,750,000 Ordinary Shares, at the public offering price, less underwriting discounts and commissions.
The underwriters expect to deliver the shares against payment in New York, New York on         , 2021.
 
 
 
Goldman Sachs International
  
J.P. Morgan
  
Barclays
  
Cowen            
 
 
PROSPECTUS DATED             , 2021
TABLE OF CONTENTS
 
 
  
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F-1
 
   
  
 
II-1
 
ABOUT THIS PROSPECTUS
You should rely only on the information contained in this prospectus, any amendment or supplement to this prospectus or any free writing prospectus prepared by or on our behalf. Any amendment or supplement may also add, update or change information included in this prospectus. Any statement contained in this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in such amendment or supplement modifies or supersedes such statement. Any statement so modified will be deemed to constitute a part of this prospectus only as so modified, and any statement so superseded will be deemed not to constitute a part of this prospectus. See “
Where You Can Find More Information
.”
Neither we nor the underwriters have authorized any other person to provide you with different or additional information. Neither we nor the underwriters take responsibility for, nor can we or they provide assurance as to the reliability of, any other information that others may provide. The information contained in this prospectus is accurate only as of the date of this prospectus or such other date stated in this prospectus, and our business, financial condition, results of operations and/or prospects may have changed since those dates. This prospectus contains summaries of certain provisions contained in some of the documents described in this prospectus, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to in this prospectus have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described under “
Where You Can Find More Information
.”
Neither we nor the underwriters are making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. Except as otherwise set forth in this prospectus, neither we nor the underwriters have taken any action to permit a public offering of these securities outside the United States or to permit the possession or distribution of this prospectus outside the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to the offering of these securities and the distribution of this prospectus outside the United States.
This prospectus contains references to our trademarks and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus, including logos, artwork and other visual displays may appear without the
®
or TM symbols, but such references are not intended to indicate, in any way, that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend our use or display of other companies’ trade name or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
Certain amounts that appear in this prospectus may not sum due to rounding.
CONCURRENT CONVERTIBLE NOTES OFFERING
Concurrent Convertible Notes Offering
Concurrently with this offering, we are offering $200 million aggregate principal amount of convertible senior notes due 2026 (the “Convertible Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A of the Securities Act (the “Concurrent Convertible Notes Offering”). In addition, we intend to grant the initial purchasers an option to purchase, for settlement within a period of 30 days, up to an additional $30 million aggregate principal amount of Convertible Notes. The Convertible Notes will be issued pursuant to an indenture, among the Company and U.S. Bank National Association, as trustee. The Convertible Notes will bear cash interest at an annual rate of                % payable on June 1 and December 1 of each year, beginning on June 1, 2022, and will mature on December 1, 2026 unless earlier converted, redeemed or repurchased. The conversion rate for the Convertible Notes will initially be                Ordinary Shares per $1,000
 
    i    

Table of Contents
principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $        per Ordinary Share), subject to adjustment if certain events occur. Before the close of business on the business day immediately preceding June 1, 2026, holders will have the right to convert their Convertible Notes only upon the occurrence of certain events. On or after June 1, 2026, holders may convert their Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion of the Convertible Notes, we will pay or deliver, as the case may be, cash, Ordinary Shares or a combination of cash and Ordinary Shares, at our election. The Convertible Notes will be redeemable, in whole or in part, for cash at our option at any time, and from time to time, on or after December 6, 2024 and on or before the 36th scheduled trading day immediately preceding the maturity date, but only if the last reported sale price per Ordinary Share has been at least 130% of the conversion price then in effect for a specified period of time. The redemption price will be equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Upon the occurrence of a “fundamental change,” which term includes certain change of control transactions, holders may require us to repurchase their Convertible Notes at a price equal to 100% of the principal amount of Convertible Notes to be repurchased, plus accrued and unpaid interest to, but not including, the date of repurchase.
This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities being offered in the Concurrent Convertible Notes Offering. We cannot assure you that the Concurrent Convertible Notes Offering will be completed or, if completed, on what terms it will be completed. The completion of the offering described in this prospectus is not contingent on the completion of the Concurrent Convertible Notes Offering (nor is the completion of the Concurrent Convertible Notes Offering contingent on the completion of this offering).
EXCHANGE RATE PRESENTATION
Certain amounts described in this prospectus have been expressed in U.S. dollar for convenience and, when expressed in U.S. dollar in the future, such amounts may be different from those set forth in this prospectus due to intervening exchange rate fluctuations.
IMPORTANT INFORMATION ABOUT IFRS AND
NON-IFRS
FINANCIAL MEASURES
The historical financial statements of Arrival have been prepared in accordance with the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board. However, the historical financial statements also include Adjusted EBITDA, which Arrival utilizes to assess the financial performance of its business and is not a measure recognized under IFRS. This non-IFRS measure should not be considered as an alternative to performance measures as determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers.
INDUSTRY AND MARKET DATA
In this prospectus, we present industry data, information and statistics regarding the markets in which Arrival competes as well as Arrival’s analysis of statistics, data and other information provided by third parties relating to markets, market sizes, market shares, market positions and other industry data pertaining to Arrival’s business and markets (collectively, “Industry Analysis”). Such information is supplemented where necessary with Arrival’s own internal estimates and information obtained from discussions with its customers, taking into account publicly available information about other industry participants and Arrival’s management’s judgment where information is not publicly available. This information appears in “
Prospectus Summary
,” “
Management’s Discussion and Analysis of Financial Condition and Results of Operations
,” “
Business
” and other sections of this prospectus.
 
ii

Table of Contents
Industry publications, research, studies and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus. These forecasts and forward-looking information are subject to uncertainty and risk due to a variety of factors, including those described under “
Risk Factors.”
These and other factors could cause results to differ materially from those expressed in any forecasts or estimates.
 
iii

Table of Contents
FREQUENTLY USED TERMS
Unless otherwise stated or unless the context otherwise requires, references to the “Company” are to the joint stock company (société anonyme) Arrival (formerly Arrival Group), whereas references to “Arrival” are to Arrival Luxembourg SARL prior to the closing of the Business Combination (as defined herein) and to the Company and its subsidiaries following the closing of the Business Combination (as defined herein).
In this prospectus:
“Adjusted EBITDA” represents earnings before interest, tax, depreciation and amortization, adjusted for impairment of intangible assets and financial assets, share option expenses, listing expense, fair value adjustments on Warrants, reversal of difference between fair value and nominal value of loans that got repaid, foreign exchange gains/losses and transaction bonuses.
“Arrival” means (a) Arrival Luxembourg SARL with respect to the periods prior the Closing and (b) to the Company and its subsidiaries following the Closing.
“Arrival Luxembourg SARL” means Arrival Luxembourg SARL (formerly Arrival S.à r.l.), a limited liability company (
société à responsabilité limitée
) governed by the laws of the Grand Duchy of Luxembourg having its registered office at 1, rue Peternelchen,
L-2370
Howald, Grand Duchy of Luxembourg, registered with the Luxembourg register of commerce and companies (Registre de Commerce et des Sociétés de Luxembourg) under number B 200789.
“Arrival Ordinary Shares” means ordinary shares of Arrival, with a nominal value of EUR 0.10 per share.
“Board of Directors” means the board of directors of the Company.
“Business Combination” means the transactions contemplated by the Business Combination Agreement.
“Business Combination Agreement” means the Business Combination Agreement, dated as of November 18, 2020, as may be amended, by and among CIIG, Arrival, the Company, and Merger Sub.
“CIIG” refers to Arrival Vault US, Inc. (formerly CIIG Merger Corp.), a Delaware corporation.
“CIIG Class A Common Stock” means CIIG’s Class A common stock, par value $0.0001 per share.
“CIIG Class B Common Stock” means CIIG’s Class B common stock, par value $0.0001 per share.
“CIIG Common Stock” means the CIIG Class A Common Stock and the CIIG Class B Common Stock, collectively.
“Closing” means the consummation of the Business Combination.
“Code” means the Internal Revenue Code of 1986, as amended.
“Company” means Arrival (formerly Arrival Group), a joint stock company (
société anonyme
) governed by the laws of the Grand Duchy of Luxembourg having its registered office at 1, rue Peternelchen
L-2370
Howald, Grand Duchy of Luxembourg, registered with the Luxembourg register of commerce and companies (Registre de Commerce et des Sociétés de Luxembourg) under number B 248209.
“EVs” means electric vehicles.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“GAAP” means United States generally accepted accounting principles.
 
iv

Table of Contents
“ICE” means internal combustion engine.
“IPO” means CIIG’s initial public offering of units, consummated on December 17, 2019.
“ISO” means the International Standards Organization.
“Merger” means the merging of ARSNL Merger Sub Inc. with and into CIIG, with CIIG surviving the Merger as a wholly owned subsidiary of the Company. In connection therewith, CIIG’s corporate name changed to “Arrival Vault US, Inc.”
“Merger Effective Time” means the time at which the merger certificate was filed on March 24, 2021.
“Merger Sub” means ARSNL Merger Sub Inc., a Delaware corporation.
“Nasdaq” means The Nasdaq Stock Market LLC.
“OEMs” means original equipment manufacturers.
“Public Warrants” means the warrants included in the units sold in the IPO, each of which is exercisable for one share of CIIG Class A Common Stock, in accordance with its terms.
“Registration Rights and
Lock-Up
Agreement” means that certain agreement entered into on March 24, 2021 by the Company and certain stockholders of CIIG and certain shareholders of Arrival.
“SEC” means the U.S. Securities and Exchange Commission.
“Warrant Agreement” means the warrant agreement, dated December 12, 2019, by and between CIIG and Continental Stock Transfer & Trust Company, as warrant agent, governing CIIG’s warrants.
“Warrants” mean the former CIIG warrants converted at the Merger Effective Time into a right to acquire one Ordinary Share on substantially the same terms as were in effect immediately prior to the Merger Effective Time under the terms of the Warrant Agreement, which was assigned to and assumed by the Company pursuant to that certain Assignment, Assumption and Amendment Agreement dated as of March 24, 2021.
CONVENTIONS WHICH APPLY TO THIS PROSPECTUS
In this prospectus, unless otherwise specified or the context otherwise requires:
“$,” “USD” and “U.S. dollar” each refers to the United States dollar; and
“€,” “EUR” and “euro” each refers to the lawful currency of certain participating member states of the European Union.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some of the statements in this prospectus constitute forward-looking statements that do not directly or exclusively relate to historical facts. You should not place undue reliance on such statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. The U.S. Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking information to encourage companies to provide prospective information about themselves. We rely on this safe harbor in making these forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements are often, but not always, made through the use of words or phrases such as “believe,” “anticipate,” “could,” “may,” “would,” “should,” “intend,” “plan,” “potential,” “predict,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,”
 
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“outlook” and similar expressions and include, among other statements, statements regarding our expected timelines for developing and producing vehicles, expectations as to capital investment requirements, our ability to effectively scale our operations globally, expectations as to total cost of ownership and cost savings to customers and our market opportunity. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following:
 
   
the ability to maintain the listing of the Ordinary Shares on Nasdaq;
 
   
changes in applicable laws or regulations;
 
   
the effects of the
COVID-19
pandemic, including the potential impact of the emergence of variants of
COVID-19,
on Arrival’s business;
 
   
the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities;
 
   
the ability to raise additional capital necessary to execute its business plan, which may not be available on acceptable terms or at all;
 
   
the ability to control expenses and capital expenditures in order to execute on our business plan on time;
 
   
the risk of downturns and the possibility of rapid change in the highly competitive industry in which Arrival operates;
 
   
the risk that Arrival and its current and future collaborators are unable to successfully develop and commercialize Arrival’s products or services, or experience significant delays in doing so;
 
   
the risk that we may never achieve or sustain profitability;
 
   
the risk that we experience difficulties in managing our growth and expanding operations;
 
   
the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations;
 
   
the risk that the utilization of microfactories will not provide the expected benefits due to, among other things, the inability to locate appropriate buildings to use as microfactories, microfactories needing a larger than anticipated factory footprint, and the inability of Arrival to deploy microfactories in the anticipated time frame;
 
   
that Arrival has identified material weaknesses in its internal control over financial reporting which, if not corrected, could affect the reliability of Arrival’s financial statements;
 
   
the risk that Arrival is unable to secure or protect its intellectual property; and
 
   
the possibility that Arrival may be adversely affected by other economic, business, and/or competitive factors.
These and other factors are more fully discussed under “Risk Factors” and elsewhere in this prospectus. These risks could cause actual results to differ materially from those implied by forward-looking statements in this prospectus.
You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We do not undertake any obligation to update or revise any forward-looking statements after the date of this prospectus, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks and uncertainties, you should keep in mind that any event described in a forward-looking statement made in this prospectus or elsewhere might not occur.
 
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PROSPECTUS SUMMARY
This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all of the information you should consider before investing in the Company’s securities. Before making an investment decision, you should read this entire prospectus carefully, especially “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and related notes thereto, and the other documents to which this prospectus refers. Some of the statements in this prospectus constitute forward-looking statements that involve risks and uncertainties. See “Cautionary Note Regarding Forward-Looking Statements” for more information.
Overview
Arrival was founded with a mission to transform the design, assembly and distribution of commercial electric vehicles (“EVs”) and accelerate the mass adoption of EVs globally. The initial focus for Arrival is the production of commercial EV vans, buses and cars. Arrival believes this segment of the automotive market is currently underserved by other EV manufacturers and is a global market with significant scale opportunities. Arrival also believes the commercial vehicle segment will move quickly to EVs, and that this migration will be supported worldwide by local, state, and national government policies that either encourage EV usage via subsidies or enact usage taxes on fleet operators who continue to operate internal combustion engine (“ICE”) vehicles. Arrival also believes that commercial fleet operators will find Arrival’s vehicles particularly appealing, because of their attractive total cost of ownership (“TCO”), which includes both the ongoing operating costs and the initial acquisition cost of a vehicle. Commercial fleet operators have well understood range requirements, and the vehicles typically return to a central depot every evening where the vehicles can be charged overnight. For all these reasons, Arrival expects the commercial vehicle fleets to migrate to EVs even more quickly than automotive retail segments.
Arrival has focused over 2,150 of its employees, as of the date hereof, on the research and development of an owned and controlled ecosystem, with each functional area integrated and working together to best position Arrival to deliver lower cost EVs with user benefits. To date, Arrival has developed an extensive portfolio of intellectual property that currently comprises more than 240 patent assets that span across EV designs, battery-related innovations, composite material configurations, microfactory production procedures, modular hardware and software applications, and robotic assembly protocols.
Arrival finalized a €100 million investment and signed a collaboration agreement with Hyundai Motor Company (“Hyundai”) and Kia Corporation (“Kia”, and together with Hyundai, “HKMC”), one of the largest global OEMs, in the fourth quarter of 2019. In 2020, Arrival finalized an investment and signed a vehicle sales agreement with UPS, which included an initial order of 10,000 electric vans with an option to purchase an additional 10,000 electric vans, subject to modification or cancellation at any time. Arrival has a longstanding relationship with UPS and has been working with them since 2016. In October 2020, Arrival secured €150.5 million in additional funding from private investors led by funds and accounts managed by BlackRock. The Company announced in May 2021 that it is partnering with Uber pursuant to a non-binding memorandum of understanding to develop the Arrival Car, an affordable, purpose-built EV for ride-hailing drivers. The Arrival Car will join Arrival’s previously announced commercial products, the Arrival Bus and Arrival Van, to provide cities with a multi-modal
zero-emission
transportation ecosystem that they require in order to meet their sustainability goals over the coming years. In July 2021, Arrival and LeasePlan Global Procurement (“LeasePlan”), one of the world’s leading
“car-as-a-service”
companies, entered into an agreement pursuant to which LeasePlan will be the preferred operational leasing partner for Arrival Vans. Additionally, Arrival and LeasePlan entered into a vehicle sales agreement in September 2021, pursuant to which Arrival agreed to provide LeasePlan with priority to purchase an initial amount of 3,000 vans and LeasePlan agreed on a best efforts basis to purchase such vans. In July 2021, Arrival partnered with the Anaheim Transportation Network (“ATN”) to produce Arrival Buses in connection with a $2.0 million grant ATN received from the Federal Transit Administration (“FTA”).
 
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Arrival has five vehicle platforms currently under development: Arrival Bus, bus for emerging markets, Arrival Van, large van and Arrival Car. The estimated start of production for the Arrival Bus is in the second quarter of 2022 and that for the Arrival Van is in the third quarter of 2022.
Arrival’s Competitive Positioning
Arrival has developed core technologies that enable the production of EVs through its proprietary microfactories. Arrival believes these technologies will enable it to produce EVs at a competitive cost and to more rapidly adapt its vehicles to the needs of local markets.
The foundational principle behind microfactories is the use of “technology cells”, each of which is a dedicated part of a microfactory that can robotically complete a specific part of the vehicle production process. These technology cells have allowed Arrival to rethink the traditional OEM production line and use a more flexible assembly method where each technology cell is optimized to perform specific production processes. Key contributors to Arrival’s microfactory design and assembly process include the utilization of its
in-house
plug-and-play
components, its modular skateboard design and its proprietary composite material technology. Each one of these key contributors has been integrated into Arrival’s
in-house
developed software architecture that ultimately drives the production process within the microfactories. Arrival’s
in-house
developed software system spans from the initial design stages through the production and operation of the EVs. Arrival believes its new method of design and assembly is new not only among its peers in the EV industry but also among those in the traditional OEM industry.
Lower capital investment and greater profitability
Numerous factors contribute to Arrival’s expectation that it will achieve lower capital investment requirements across its owned and controlled ecosystem while also positioning Arrival to achieve greater profitability relative to other OEMs. At comparable annual production volumes, the capital investment for Arrival’s microfactories is estimated to be less than a traditional OEM production facility over the long-term once its facilities are fully optimized. A primary driver of these cost savings is the use of Arrival’s proprietary composite materials that do not require capital intensive metal stamping plants, welding facilities or paint shops. Arrival’s expectation is that its lower operating expenditures associated with its microfactories, lower procurement costs associated with its
in-house
plug-and-play
components, its grid-based architecture and proprietary composite materials as well as the utilization of its
in-house
developed software architecture will allow it to achieve double-digit margins on a per vehicle basis when it is fully at scale.
Scalability
A key attribute to the implementation of microfactories is Arrival’s ability to scale globally. Arrival estimates its microfactories can be fully operational within six months of a warehouse being ready for equipment installation. Arrival’s microfactories are designed to fit into an estimated footprint of 30,000 square meters (or approximately 320,000 square feet) or less, which is significantly smaller than a traditional automotive assembly plant. Arrival believes there is an abundance of warehouse space globally suitable for microfactories. The availability of warehouses and low levels of expected capital expenditure per microfactory also allows Arrival to deploy microfactories in numerous metropolitan communities. Arrival believes the deployment of its microfactories into local communities will be well-accepted by governments and municipalities based on its ability to offer local jobs and to pay local taxes. Arrival believes that every city with over one million inhabitants could benefit from at least one microfactory. Globally, Arrival estimates there are more than 500 cities with a population of more than one million. Arrival currently has three microfactories in active development, one in Rock Hill, South Carolina, USA, one in Bicester, UK and one in Charlotte, North Carolina, USA, for start of production in the second quarter of 2022, the third quarter of 2022 and the fourth quarter of 2022, respectively. The flexibility of the microfactory approach allows Arrival to determine future roll out plans at a later date.
 
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Compelling Total Cost of Ownership
Arrival believes its vans and buses have a compelling TCO driven by the low acquisition and operating costs of its vehicles.
Arrival’s low costs for both its vans and buses come as a result of the significant benefits it can achieve from its design using its microfactories,
in-house
plug-and-play
components, proprietary composite materials, and its
in-house
software applications.
Arrival’s lower operating costs reflect its vehicles’ battery infrastructure and energy efficiency, as well as the lower maintenance costs associated with EVs. Arrival’s battery cell configuration is scalable and provides for multiple power configurations. Arrival’s vehicles can be purpose built to include flexible battery pack configurations. Lower ongoing operating costs can be achieved using its modular
plug-and-play
components that have been designed for easy replacement and upgrades. Arrival’s proprietary composite materials allow for quick, simple, and cost-effective panel replacement or service.
Owned and Controlled Ecosystem
Arrival believes the sophistication and depth of its owned and controlled ecosystem and its technical capabilities can help to position it as a leading EV company. Arrival’s ability to collect proprietary data across its design, parts, manufacturing, vehicle performance, and vehicle usage ecosystem affords it the ability to apply
state-of-the-art
data analytics. Arrival believes this
in-house
data collection and analysis process using its
in-house
developed software architecture will allow Arrival to identify new solutions, tools, and user benefits for the benefit of Arrival’s customers. Arrival is already utilizing such data within its research and development teams as it evolves its designs for future versions of EVs. Arrival’s owned and controlled ecosystem positions Arrival to further advance into the next generation of EV design and manufacturing.
Market Opportunity
Arrival believes the commercial vehicle segment is an attractive market for its business strategy. Arrival is initially targeting two primary categories within this segment: commercial vans and commercial buses. As the industry shifts towards zero emission vehicles, Arrival believes its advanced stage EV development, cost effective production, improved user experience, and global presence strategically position it to capture a more than sufficient market share to achieve its business plan assumptions.
Arrival defines its total addressable market based on its ability to compete on price and quality within the geographic regions where it plans to compete. Based on the attributes of Arrival’s electric vans and buses, it not only considers the addressable electric commercial vehicle market, but also the existing ICE commercial vehicle market. Based on industry sources, Arrival believes the initial addressable market for electric commercial vans is approximately $70 billion. When including the addressable market for ICE commercial vans, Arrival believes its total addressable market increases to approximately $280 billion. Arrival estimates the initial addressable market for electric commercial buses to be approximately $40 billion. When including the addressable market for ICE commercial buses, Arrival believes its total addressable market increases to approximately $154 billion. In total, Arrival believes its total addressable market for commercial vans and buses is approximately $430 billion. Arrival aims to rapidly develop new variants from existing products and further capture the market opportunity.
Arrival’s initial geographic target markets include North America, the United Kingdom and Europe. Arrival believes its existing employee and microfactory presence in these markets will best position it to accelerate its market penetration rates.
Arrival believes there are several drivers to the ongoing and underlying growth of its total addressable market. One such driver is the continued growth in
e-commerce.
According to a Statista Digital Market Outlook 2020 report, the
 
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e-commerce
market is estimated to grow by approximately 37% from 2020 through 2024. Arrival believes this growth will increase the demand for EVs from its target customers.
The Business Combination and Other Recent Developments
Business Combination
On March 24, 2021, the Business Combination was consummated. As part of the Business Combination:
 
   
the existing ordinary and preferred shareholders of Arrival Luxembourg SARL contributed their respective equity interests in Arrival Luxembourg SARL to the Company in exchange for Ordinary Shares (the “Exchanges”);
 
   
following the Exchanges, CIIG merged with and into Merger Sub and all shares of CIIG Common Stock were exchanged for Ordinary Shares, and, in connection therewith, CIIG’s corporate name changed to Arrival Vault US, Inc. (the “Merger”);
 
   
each outstanding warrant to purchase shares of CIIG’s Common Stock was converted into a Warrant to purchase Ordinary Shares;
 
   
each Arrival Luxembourg SARL option, whether vested or unvested, was assumed by the Company and now represents an option award exercisable for Ordinary Shares;
 
   
the Arrival Luxembourg SARL restricted shares were exchanged for restricted Ordinary Shares; and
 
   
Arrival Luxembourg SARL and CIIG became direct, wholly-owned subsidiaries of the Company.
Immediately prior to the Closing, the Private Placement Investors purchased an aggregate of 40,000,000 shares of CIIG Class A Common Stock, for a purchase price of $10.00 per share and an aggregate purchase price of $400,000,000, which shares of CIIG Class A Common Stock were automatically exchanged with the Company for Ordinary Shares in the Merger.
On the closing date of the Business Combination, the Company, certain persons and entities holding CIIG’s Class B common stock and all shareholders of Arrival Luxembourg SARL other than the Arrival Luxembourg SARL employees holding ordinary shares granted under the Arrival Restricted Share Plan 2020 entered into a Registration Rights and
Lock-Up
Agreement which provides customary demand and piggyback registration rights and which restricts the transfer of the Ordinary Shares during the applicable
lock-up
periods, which (i) in the case of New Holders (as defined in the Registration Rights and
Lock-Up
Agreement), expired on September 20, 2021; (ii) in the case of Kinetik S.à r.l, is expected to expire on December 31, 2022; and (iii) in the case of CIIG Management LLC and the persons and entities holding CIIG’s Class B common stock, is expected to expire on March 24, 2022. See “
Shares Eligible for Future Sale
” for further information.
Warrant Redemption
On July 21, 2021, Arrival completed the redemption of all its remaining outstanding 711,536 Public Warrants that had not been exercised as of that date, for $0.01 per warrant. Prior to the redemption, the Company had also received $140,598,505.50 of cash proceeds resulting from the exercise of 12,225,957 outstanding Public Warrants, each exercisable for one of the Company’s ordinary shares at an exercise price of $11.50 per share. In addition, since June 18, 2021, 4,783,334 private warrants were exercised on a cashless basis resulting in the issuance of 2,048,117 ordinary shares of the Company. The number of shares of our common stock to be outstanding after this offering is based on 620,431,341 Ordinary Shares outstanding as of October 31, 2021 on a pro forma basis and excludes:
 
   
2,391,666 Ordinary Shares issuable upon exercise of Warrants that remaining outstanding as of October 31, 2021 after the giving effect to the redemption described above at an exercise price of $11.50 per share;
 
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7,487,670 Ordinary Shares issuable on a time basis and 6,752,938 Ordinary Shares issuable on a milestone basis upon exercise of stock options outstanding as of October 31, 2021 with a weighted-average exercise price of $7.1955 per share;
 
   
83,635,542 Ordinary Shares reserved under the Arrival Share Option Plan 2020, Arrival Restricted Share Plan and Arrival Incentive Compensation Plan;
 
   
Ordinary Shares that will be reserved for issuance under Convertible Notes that are expected to be issued concurrently with this Offering.
Milestones for Arrival Bus, Arrival Van and first two Microfactories
Our priorities for 2022 are the Arrival Bus and Arrival Van programs and our first two microfactories. We currently plan for start of production for large van to occur in 2023 in order to prioritize additional Arrival Van variants and allow us to maximize
re-use
of components. Additionally, we expect that certification will be granted for the Arrival Bus in the first quarter of 2022 and for the Arrival Van in the second quarter of 2022.
Other Microfactories Developments
 
   
Rock Hill, South Carolina, USA installation has commenced and is expected to be substantially complete by the end of 2021 with Bicester, UK expected to be substantially complete by the end of the first quarter of 2022.
 
   
Bicester, UK technology cells are being installed to build Arrival Vans for product validation in 2021.
 
   
Over 1,400 composite panels manufactured using production equipment in Bicester, UK.
 
   
Over 1,850 high voltage battery modules assembled.
 
   
In-house
developed autonomous mobile robots (“AMRs”) are now capable of coordinating their movement over a wireless link. This allows multiple AMRs to operate as a single unit to move large or heavy loads.
Other Business Developments
We continue to experience strong demand for our vehicles as the industry shifts to electric vehicles. Our
non-binding
orders and letters of intent have increased to approximately 64,000 vehicles, estimated as of November 2021 and including the 10,000 vehicle order from UPS as well as the 10,000 vehicle option from UPS (described elsewhere herein). Approximately eighty-eight percent of our letters of intent relate to the Arrival Van while the remainder relate to the Arrival Bus. Additionally, approximately forty-six percent of these letters of intent originate from the Americas whereas the remainder originate from Europe and Rest of World.
Updated Microfactory and Other Cost Estimates
Our first two microfactories in Rock Hill, South Carolina and Bicester, UK are expected to start production in the second and third quarters of 2022, respectively. Our third microfactory in Charlotte, North Carolina, USA is expected to start production in the fourth quarter of 2022, and we plan for the construction of our fourth microfactory to start in 2023.
Total capital expenditure at our microfactories consists of capital expenditure for both production and
non-production,
including site readiness and logistics:
 
   
Total capital expenditure at Rock Hill, South Carolina is expected to be approximately $50 million.
 
   
Bicester, UK is our lab microfactory where we have prioritized being on time for the start of production of the Arrival Van. As a result, we expect total capital expenditure at Bicester, UK to be approximately $75 million.
 
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From the learnings gained at Bicester, UK, we expect total capital expenditure at Charlotte, North Carolina to be lower than at Bicester, UK, with continued reductions in capital expenditure per microfactory as we scale beyond the initial microfactories.
Other Company Costs
 
   
In order to reduce risks relating to the start of production and enable us to scale, we are incurring additional costs, including: 1) a decision to assemble battery modules and bring logistics
in-house,
which is adding capital expenditure and operating expenditure; 2)
pre-payments
to LG Energy Systems (as assignee of LG Chem Ltd., “LG Chem”) to secure battery cell line capacity for the next several years; and 3) higher selling, general and administrative expenses as we scale sales, finance and legal.
 
   
In addition, we are experiencing industry-wide increases in the expected cost of raw materials including aluminum and petrochemicals.
 
   
We also expect higher working capital in our first factories to ensure we have the necessary components and parts to start production of our vehicles.
Vehicle Volumes and Revenue Expectations for 2022
Subsequent to the Business Combination, we revised certain aspects of our business plan and we have invested additional capital to further develop our platforms, and to secure components and batteries for production. As a result, we have revised our anticipated microfactory rollout, and now expect significantly lower vehicle volumes and revenue in 2022. Our growth is dependent on the number of microfactories we can deploy, which is a function of our access to capital, including funds raised in this offering and in the Concurrent Convertible Notes Offering.
Concurrent Convertible Notes Offering
Concurrently with this offering, we are offering $200 million aggregate principal amount of the Convertible Notes pursuant to Rule 144A of the Securities Act. In addition, we intend to grant the initial purchasers an option to purchase, for settlement within a period of 30 days, up to an additional $30 million aggregate principal amount of Convertible Notes. The Convertible Notes will be issued pursuant to an indenture, among the Company and U.S. Bank National Association, as trustee. The Convertible Notes will bear cash interest at an annual rate of     % payable on June 1 and December 1 of each year, beginning on June 1, 2022, and will mature on December 1, 2026 unless earlier converted, redeemed or repurchased. The conversion rate for the Convertible Notes will initially be                Ordinary Shares per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $        per Ordinary Share), subject to adjustment if certain events occur. Before the close of business on the business day immediately preceding June 1, 2026, holders will have the right to convert their Convertible Notes only upon the occurrence of certain events. On or after June 1, 2026, holders may convert their Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion of the Convertible Notes, we will pay or deliver, as the case may be, cash, Ordinary Shares or a combination of cash and Ordinary Shares, at our election. The Convertible Notes will be redeemable, in whole or in part, for cash at our option at any time, and from time to time, on or after December 6, 2024 and on or before the 36th scheduled trading day immediately preceding the maturity date, but only if the last reported sale price per Ordinary Share has been at least 130% of the conversion price then in effect for a specified period of time. The redemption price will be equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Upon the occurrence of a “fundamental change,” which term includes certain change of control transactions, holders may require us to repurchase their Convertible Notes at a price equal to 100% of the principal amount of Convertible Notes to be repurchased, plus accrued and unpaid interest to, but not including, the date of repurchase.
 
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This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities being offered in the Concurrent Convertible Notes Offering. We cannot assure you that the Concurrent Convertible Notes Offering will be completed or, if completed, on what terms it will be completed. The completion of the offering described in this prospectus is not contingent on the completion of the Concurrent Convertible Notes Offering (nor is the completion of the Concurrent Convertible Notes Offering contingent on the completion of this offering).
Implications of Being an “Emerging Growth Company,” a “Foreign Private Issuer” and a “Controlled Company”
The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As an “emerging growth company,” the Company may take advantage of certain exemptions from specified disclosure and other requirements that are otherwise generally applicable to public companies. These exemptions include:
 
   
not being required to comply with the auditor attestation requirements for the assessment of our internal control over financial reporting provided by Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”);
 
   
reduced disclosure obligations regarding executive compensation; and
 
   
not being required to hold a nonbinding advisory vote on executive compensation or seek shareholder approval of any golden parachute payments not previously approved.
The Company may take advantage of these reporting exemptions until it is no longer an “emerging growth company.” The Company will remain an emerging growth company until the earlier of: (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of the Business Combination, (b) in which the Company has total annual gross revenue of at least $1.07 billion, or (c) in which the Company is deemed to be a large accelerated filer, which means the market value of our common stock that is held by nonaffiliates exceeds $700 million as of the end of the prior fiscal year’s second fiscal quarter; and (2) the date on which the Company has issued more than $1.00 billion in
non-convertible
debt during the prior three-year period. The Company expects to remain an “emerging growth company” until at least December 31, 2021.
The Company is also considered a “foreign private issuer” and will report under the Exchange Act as a
non-U.S.
company with “foreign private issuer” status. This means that, even after the Company no longer qualifies as an “emerging growth company,” as long as it qualifies as a “foreign private issuer” under the Exchange Act, it will be exempt from certain provisions of the Exchange Act that are applicable to U.S. public companies, including:
 
   
the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;
 
   
the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and
 
   
the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission (the “SEC”) of quarterly reports on Form
10-Q
containing unaudited financial and other specified information, or current reports on Form
8-K,
upon the occurrence of specified significant events.
The Company may take advantage of these reporting exemptions until such time as it is no longer a “foreign private issuer.” The Company could lose its status as a “foreign private issuer” under current SEC rules and regulations if more than 50% of the Company’s outstanding voting securities become directly or indirectly held of record by U.S. holders and any one of the following is true: (i) the majority of the Company’s directors or executive officers are U.S. citizens or residents; (ii) more than 50% of the Company’s assets are located in the United States; or (iii) the Company’s business is administered principally in the United States.
 
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The Company may choose to take advantage of some but not all of these reduced burdens. The Company has taken advantage of reduced reporting requirements in this prospectus. Accordingly, the information contained in this prospectus may be different from the information you receive from the Company’s competitors that are public companies, or other public companies in which you have made an investment.
As a foreign private issuer, the Company is permitted to follow certain Luxembourg corporate governance practices in lieu of certain listing rules of Nasdaq (the “Nasdaq Listing Rules”). The Company plans to follow the corporate governance requirements of the Nasdaq Listing Rules, except that it intends to follow Luxembourg practice with respect to quorum requirements for shareholder meetings in lieu of the requirement under Nasdaq Listing Rules that the quorum be not less than 33 1/3% of the outstanding voting shares. Under the Company’s articles of association, at an ordinary general meeting, there is no quorum requirement and resolutions are adopted by a simple majority of validly cast votes. In addition, under the Company’s articles of association, for any resolutions to be considered at an extraordinary general meeting of shareholders, the quorum shall be at least one half of our issued share capital unless otherwise mandatorily required by law.
For purposes of the Nasdaq Listing Rules, the Company will be a “controlled company.” Under Nasdaq Listing Rules, controlled companies are companies of which more than 50% of the voting power for the election of directors is held by an individual, a group, or another company. Kinetik S.à r.l. owns 74.67% of the outstanding Ordinary Shares. Accordingly, although the Company will be eligible to take advantage of certain exemptions from certain Nasdaq corporate governance standards, it currently does not intend to do so except for the quorum requirement discussed above.
Summary Risk Factors
Investing in the Company’s securities entails a high degree of risk as more fully described under “
Risk Factors
.” You should carefully consider such risks before deciding to invest in the Company’s securities. These risks include, among others:
 
   
Arrival is an early stage company with a history of losses, and expects to incur significant expenses and continuing losses for the foreseeable future.
 
   
Arrival has a limited operating history and has not yet manufactured or sold any production vehicles to customers and may never develop or manufacture any vehicles.
 
   
While Arrival has received orders for vehicles, the period of time from the receipt of orders to implementation and delivery is long, potentially spanning over several months, and the orders are subject to the risks of cancellation or postponement of the orders.
 
   
Arrival’s growth is dependent upon the willingness of operators of commercial vehicle fleets and small to medium sized businesses to adopt EVs and on Arrival’s ability to produce, sell and service vehicles that meet their needs. If the market for commercial EVs does not develop as Arrival expects or develops slower than Arrival expects, Arrival’s business, prospects, financial condition and operating results will be adversely affected.
 
   
The orders from UPS, LeasePlan and Anaheim Transportation Network constitute all of the current orders for Arrival vehicles. If these orders are cancelled, modified or delayed, Arrival’s prospects, results of operations, liquidity and cash flow will be materially adversely affected.
 
   
Certain of Arrival’s strategic, development and deployment arrangements could be terminated or may not materialize into long-term contract partnership arrangements and may restrict or limit Arrival from developing EVs with other strategic partners.
 
   
Arrival’s ability to execute its microfactory production model on a large scale is unproven, still evolving and dependent on Arrival’s ability to raise sufficient capital to support production. This
 
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production model may lead to increased costs and/or reduced production of its vehicles and adversely affect Arrival’s ability to operate its business.
 
   
Arrival may encounter obstacles outside of its control that slow market adoption of EVs, such as regulatory requirements or infrastructure limitations.
 
   
As Arrival expands into new territories, many of which will be international territories, it may encounter stronger market resistance than it currently expects, including from incumbent competitors in those territories.
 
   
Arrival is dependent on its suppliers, some of which are single or limited source suppliers, and the inability of these suppliers to deliver the raw materials and components of Arrival’s vehicles in a timely manner and at prices and volumes acceptable to it could have a material adverse effect on its business, prospects and operating results.
 
   
There are complex software and technology systems that need to be developed in coordination with vendors and suppliers in order to reach production for Arrival’s EVs, and there can be no assurance such systems will be successfully developed.
 
   
Arrival may incur significant costs and expenses in connection with obtaining, maintaining, protecting, defending and enforcing its intellectual property rights (covering patents, trademarks, trade names, and trade secrets), including through litigation. If such intellectual property is not adequately protected, Arrival may not be able to build name recognition in its markets of interest, and its business and competitive position may be harmed. Additionally, even if Arrival is able to take measures to protect its intellectual property, third-parties may independently develop technologies that are the same or similar to Arrival, and Arrival may not be able to obtain and protect its intellectual property rights throughout the world.
 
   
Patent applications which have been submitted to the authorities may not result in granted patents or may require the applications to be modified in order for patent coverage to be obtained.
 
   
The discovery of defects in Arrival vehicles may result in delays in new model launches, recall campaigns or increased warranty costs. Additionally, discovery of such defects may result in a decrease in the residual value of its vehicles, which may materially harm its business.
 
   
Arrival may become subject to product liability claims, which could harm its financial condition and liquidity if it is not able to successfully defend or insure against such claims.
 
   
Arrival will rely on complex robotic assembly and component manufacturing for its production, which involves a significant degree of risk and uncertainty in terms of operational performance and costs.
 
   
If Arrival fails to comply with its obligations under license or technology agreements with third parties, it may be required to pay damages, and Arrival could lose license rights that are critical to its business.
 
   
Some of Arrival’s products contain open source software, which may pose particular risks to its proprietary software, products and services in a manner that could harm its business.
 
   
Arrival is subject to stringent and changing laws, rules, regulations and standards, information security policies and contractual obligations related to data privacy and security. Arrival’s actual or perceived failure to comply with such obligations could result in proceedings, actions or penalties and harm its business.
 
   
Arrival is subject to cybersecurity risks to its various systems and software and any material failure, weakness, interruption, cyber event, incident, undetected defects, errors or bugs, or breach of security could prevent Arrival from effectively operating its business.
 
   
Arrival is likely to face competition from a number of sources, which may impair its revenues, increase its costs to acquire new customers, and hinder its ability to acquire new customers.
 
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Arrival is highly dependent on the services of its senior management team (including Denis Sverdlov, its Founder and Chief Executive Officer), and if Arrival is unable to retain some or all of this team, its ability to compete could be harmed.
 
   
A market for the Arrival’s securities may not continue, which would adversely affect the liquidity and price of its securities.
 
   
We do not anticipate paying any cash dividends in the foreseeable future.
 
   
New investors in our Ordinary Shares will experience immediate and substantial book value dilution after this offering.
 
   
The Concurrent Convertible Notes Offering could cause the market price for our Ordinary Shares to decline.
 
   
We may not have the ability to raise the funds necessary to settle conversions of the Convertible Notes in cash or to repurchase the Convertible Notes upon a fundamental change, and our future debt may contain limitations on our ability to pay cash upon conversion or repurchase of the Convertible Notes.
 
   
The conditional conversion feature of the Convertible Notes, if triggered, may adversely affect our financial condition and operating results.
 
   
The accounting method for the Convertible Notes could adversely affect Arrival’s reported financial condition and results.
Corporate Information
The Company was incorporated under the laws of the Grand Duchy of Luxembourg on October 27, 2020 as a joint stock company (société anonyme) having its registered office at 1, rue
Peternelchen L-2370 Howald,
Grand Duchy of Luxembourg, registered with the Luxembourg register of commerce and companies (Registre de Commerce et des Sociétés de Luxembourg) under number B 248209. The Company’s principal website address is
www.arrival.com
. We do not incorporate the information contained on, or accessible through, the Company’s websites into this prospectus, and you should not consider it a part of this prospectus.
 
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THE OFFERING
 
Ordinary Shares to be issued and offered by us
   25,000,000
Underwriters’ option to purchase additional Ordinary Shares
   We have granted the underwriters the right for 30 days from the date of this prospectus to purchase up to an additional 3,750,000 Ordinary Shares, at the public offering price, less underwriting discounts and commissions.
Use of Proceeds
   We will receive all of the net proceeds from the offering of shares, which we estimate will be approximately $        , after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, assuming an offering price of $        per share. We expect to use the net proceeds from the offering for general corporate purposes.
Dividend policy
   Other than as disclosed elsewhere in this prospectus, we currently expect to retain all future earnings for use in the operation and expansion of our business and do not plan to pay any dividends on our ordinary shares in the near future. The declaration and payment of any dividends in the future will be determined by the Board of Directors in its discretion, and will depend on a number of factors, including our earnings, capital requirements, overall financial condition, applicable law and contractual restrictions. See “
Dividend Policy
.”
Registration Rights and
Lock-Up
Agreement
   Our directors, officers and certain of our shareholders are subject to certain restrictions on transfer until the termination of
applicable lock-up periods
and have rights to require that we register the resale of their shares. See “
Shares Eligible for Future Sale
” for further information.
Market for our securities
   Our Ordinary Shares are listed on The Nasdaq Global Select Market under the symbol “ARVL”.
Risk factors
   Investing in our securities involves substantial risks. See “
Risk Factors
” for a description of certain of the risks you should consider before investing in the Company.
The number of shares of our common stock to be outstanding after this offering is based on 620,431,341 Ordinary Shares outstanding as of October 31, 2021 on a pro forma basis and excludes:
 
   
2,391,666 Ordinary Shares issuable upon exercise of Warrants that remain outstanding as of October 31, 2021 after the giving effect to the redemption described above at an exercise price of $11.50 per share;
 
   
7,487,670 Ordinary Shares issuable on a time basis and 6,752,938 Ordinary Shares issuable on a milestone basis upon exercise of stock options outstanding as of October 31, 2021 with a weighted-average exercise price of $7.1955 per share;
 
   
83,635,542 Ordinary Shares reserved under the Arrival Share Option Plan 2020, Arrival Restricted Share Plan and Arrival Incentive Compensation Plan;
 
   
Ordinary Shares that will be reserved for issuance under Convertible Notes that are expected to be issued concurrently with this Offering.
 
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Unless otherwise indicated, all information contained in this prospectus, including the number of Ordinary Shares of common stock that will be outstanding after this offering, assumes:
 
   
no exercise by the underwriters of their option to purchase additional Ordinary Shares; and
 
   
no exercise of the outstanding warrants or options described above.
 
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SELECTED SUMMARY HISTORICAL FINANCIAL DATA OF ARRIVAL
The information presented below is derived from Arrival’s audited consolidated financial statements as of and for the fiscal years ended December 31, 2020 and 2019 and from its unaudited consolidated financial statements as of and for the nine months ended September 30, 2021 and 2020 included elsewhere in this prospectus. These interim condensed consolidated financial statements are unaudited and, in the opinion of management, reflect all normal recurring adjustments necessary to fairly present the financial position, results of operations and cash flows for the periods presented. The information presented below should be read alongside Arrival’s consolidated financial statements and accompanying footnotes included elsewhere in this prospectus and with “
Risks Related to
Arrival
,” and “
Management’s Discussion and Analysis of Financial Condition and Results of Operations
”. Arrival’s historical results are not necessarily indicative of results that may be expected in any future period, and results for any interim period are not necessarily indicative of results that may be expected for any future period.
The following table highlights key measures of Arrival’s financial condition and results of operations:
Unaudited consolidated statement of profit or loss and other comprehensive (loss)/income
 
   
Nine months ended
   
Year Ended
 
   
September 30,
2021
   
September 30,
2020*
   
December 31,

2020
   
December 31,

2019
 
   
(
In thousands of euro)
 
Administrative expenses
    (111,627     (43,248     (75,133     (31,392
Research and development expenses
    (21,737     (8,277     (17,947     (11,149
Impairment expense
    (1,918     (650     (391     (4,972
Other operating income
    1,887       1,366       2,362       2,583  
Listing expense**
    (1,018,024     —         —         —    
Other expenses
    (5     (208     (6,853     (6,911
Operating (loss)
 
 
(1,151,424
 
 
(51,017
 
 
(97,962
 
 
(51,841
Finance income
    119,573       1,797       2,703       51  
Finance cost
    (11,527     (3,567     (5,758     (3,235
Net Finance income/(cost)
 
 
108,046
 
 
 
(1,770
 
 
(3,055
 
 
(3,184
(Loss) before tax
 
 
(1,043,378
 
 
(52,787
 
 
(101,017
 
 
(55,025
Tax income/(expense)
    (7,118     3,337       17,802       6,929  
(Loss) for the period
 
 
(1,050,496
 
 
(49,450
 
 
(83,215
 
 
(48,096
Attributable to:
       
Owners of the Company
 
 
(1,050,496
 
 
(49,450
 
 
(83,215
 
 
(48,096
 
*
Comparative figures are of Arrival Luxembourg S.à r.l. in accordance with IFRS 2 for reverse merger.
**
As a result of the conclusion of the merger with CIIG, Arrival issued shares and warrants to CIIG shareholders, comprised of the fair value of the Company’s shares that were issued to CIIG shareholders of €1,347 million as well as the fair value of the Company’s warrants of €189 million. In exchange, the Company received the identifiable net assets held by CIIG, which had a fair value upon closing of €534 million. The excess of the fair value of the equity instruments issued over the fair value of the identified net assets received, represents a
non-cash
expense in accordance with IFRS 2. This
one-time
expense as a result of the transaction, in the amount of €1,002 million, is recognized as a share listing expense presented as part of the operating results within the Consolidated Statement of Profit or Loss. Listing expense also includes €16 million of other related transaction expenses.
 
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RISK FACTORS
An investment in the Company’s securities carries a significant degree of risk. You should carefully consider the following risks and other information in this prospectus, including our consolidated financial statements and related notes included elsewhere in this prospectus, before you decide to purchase the Company’s securities. Additional risks and uncertainties of which we are not presently aware or that we currently deem immaterial could also affect our business operations and financial condition. If any of these risks actually occur, our business, financial condition, results of operations or prospects could be materially affected. As a result, the trading price of the Company’s securities could decline and you could lose part or all of your investment.
Risks Related to Arrival
Arrival is an early stage company with a history of losses, and expects to incur significant expenses and continuing losses for the foreseeable future.
Arrival has incurred losses in the operation of its business related to research and development activities since its inception. Arrival anticipates that its expenses will increase and that it will continue to incur losses in the future until at least the time it begins significant deliveries of its vehicles, which is not expected to occur before 2022. Even if Arrival is able to successfully develop and sell or lease its vehicles, there can be no assurance that the vehicles will be commercially successful and achieve or sustain profitability.
Arrival expects the rate at which it will incur losses to be significantly higher in future periods as it, among other things, designs, develops and manufactures its vehicles; deploys its microfactories; builds up inventories of parts and components for its vehicles; increases its sales and marketing activities, develops its distribution infrastructure; and increases its general and administrative functions to support its growing operations. Arrival may find that these efforts are more expensive than it currently anticipates or that these efforts may not result in revenues, which would further increase Arrival’s losses.
Arrival has a limited operating history and has not yet manufactured or sold any production vehicles to customers and may never develop or manufacture any vehicles.
Arrival was incorporated in October 2015 and has a limited operating history in the automobile industry, which is continuously evolving. Arrival vehicles are in the development stage and Arrival does not expect its first vehicle to be produced until at least the second quarter of 2022, if at all. Arrival has no experience as an organization in high volume manufacturing of the planned EVs. Arrival cannot assure you that it or its partners will be able to develop efficient, automated, cost-efficient manufacturing capability and processes, and reliable sources of component supplies that will enable Arrival to meet the quality, price, engineering, design and production standards, as well as the production volumes, required to successfully mass market its EVs. You should consider Arrival’s business and prospects in light of the risks and significant challenges it faces as a new entrant into its industry, including, among other things, with respect to its ability to:
 
   
design and produce safe, reliable and quality vehicles on an ongoing basis;
 
   
obtain the necessary regulatory approvals in a timely manner;
 
   
build a well-recognized and respected brand;
 
   
establish and expand its customer base;
 
   
successfully market not just Arrival’s vehicles but also the other services it intends to provide;
 
   
properly price its services, including its charging solutions, financing and lease options, and successfully anticipate the take-rate and usage of such services by users;
 
   
successfully service its vehicles after sales and maintain a good flow of spare parts and customer goodwill;
 
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improve and maintain its operational efficiency;
 
   
successfully execute its microfactory production model and maintain a reliable, secure,
high-performance
and scalable technology infrastructure at costs that enable it to remain competitive;
 
   
predict its future revenues and appropriately budget for its expenses;
 
   
obtain sufficient capital to support production needs;
 
   
attract, retain and motivate talented employees;
 
   
anticipate trends that may emerge and affect its business;
 
   
anticipate and adapt to changing market conditions, including technological developments and changes in competitive landscape; and
 
   
navigate an evolving and complex regulatory environment.
If Arrival fails to adequately address any or all of these risks and challenges, its business may be materially and adversely affected.
Arrival’s forecasted operating and financial results rely in large part upon assumptions and analyses developed by Arrival. If these assumptions and analyses prove to be incorrect, Arrival’s actual operating and financial results may be significantly below its forecasts.
Whether actual operating and financial results and business developments will be consistent with Arrival’s expectations and assumptions as reflected in its forecast depends on a number of factors, many of which are outside Arrival’s control, including, but not limited to:
 
   
whether Arrival can obtain sufficient capital to begin and support its production needs, execute its business plan and grow its business;
 
   
whether Arrival can control its costs and capital expenditures needed to execute its business plan;
 
   
Arrival’s ability to manage its growth;
 
   
whether Arrival can manage relationships with key suppliers;
 
   
whether Arrival can rapidly deploy its microfactories and successfully execute its production methodologies in such microfactories (including its robotic assembly process and composite manufacturing);
 
   
the ability to obtain necessary regulatory approvals;
 
   
demand for Arrival products and services;
 
   
whether Arrival can achieve its expected pricing for its products and services;
 
   
the timing and costs of new and existing marketing and promotional efforts;
 
   
competition, including from established and future competitors;
 
   
Arrival’s ability to retain existing key management, to integrate recent hires and to attract, retain and motivate qualified personnel;
 
   
the overall strength and stability of the economies in the markets in which it operates or intends to operate in the future; and
 
   
regulatory, legislative and political changes;
Unfavorable changes in any of these or other factors, most of which are beyond Arrival’s control, could materially and adversely affect its business, results of operations and financial results. For example, on
 
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August 12, 2021, we revised expectations related to costs for the fiscal year ending December 31, 2021 as a result of increases in Adjusted EBITDA loss and capital expenditures, and information related to
non-binding
letters of intent as well as the production of Arrival Van, both of which require accelerated production costs and capital expenditures with respect to our microfactories to meet this increased demand for vehicles. Such revisions could materially adversely impact the trading price of Ordinary Shares, reduce investor confidence or expose us to risks related to litigation, investigations or similar actions.
In addition, Arrival’s production methodologies (including robotic assembly processes and composite manufacturing) are still being tested and its assumptions may not be accurate. If Arrival is unable to successfully implement its production methodologies, or the assumptions on which such production methodologies are based prove to be incorrect, Arrival’s business, prospects, financial condition and operating results could be adversely effected.
Arrival needs to raise additional funds, and these funds may not be available to it when it needs them, or may only be available on unfavorable terms. As a result, Arrival may be unable to meet its future capital requirements which would limit its ability to grow and jeopardize its ability to execute its business plan or continue its business operations.
The design, production, sale and servicing of Arrival’s EVs is capital-intensive. Arrival needs to raise additional funds, including through this contemplated offering of securities and from other sources, to execute its current near-term and long-term business plan and production timeline, as well as to maintain its ongoing operations, continue research, development and design efforts and improve infrastructure. Arrival may raise additional funds through the issuance of equity, equity-linked or debt securities or through obtaining credit from government or financial institutions. Arrival cannot be certain that additional funds will be available to it on favorable terms when required, or at all.
In addition, Arrival expects its capital expenditure and working capital requirements to increase substantially in the near future, as it begins to produce its vehicle platforms, develop its customer support and marketing infrastructure and continue its research and development efforts.
If Arrival cannot raise additional funds when it needs them, its business, prospects, financial condition and operating results could be materially adversely affected, and if Arrival receives less proceeds from this contemplated offering than anticipated or from the Concurrent Convertible Notes Offering, or both of them, then Arrival will be required to raise additional funds in order to execute our current near-term business plan. For example, if Arrival is unable to secure additional capital, Arrival may be required to curtail development and tooling of its microfactories and take additional measures to reduce costs in order to conserve cash, including reducing the number of vehicles and planned microfactories to start production in 2022. Such measures would delay when we commence generating revenue and, in turn, when we expect to commence generating positive cash flow. Delays in the building of Arrival’s microfactories will, in turn, delay the production of Arrival vehicles, which is critical to the realization of Arrival’s business plan, while reductions in expenditures could negatively impact our relationships with its suppliers.
In addition, if Arrival raises funds through further issuances of equity and/or equity-linked securities, dilution to its stockholders would result. Any equity or equity-linked securities issued also may provide for rights, preferences or privileges senior to those of holders of Arrival’s Ordinary Shares. The terms of debt securities issued or borrowings, if available, could impose significant restrictions on Arrival’s operations and could involve additional restrictive covenants relating to Arrival’s capital raising activities, which may make it more difficult for Arrival to obtain additional capital and to pursue business opportunities.
 
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While Arrival has received orders for vehicles, the period of time from the receipt of orders to implementation and delivery is long, potentially spanning over several months, and the orders are subject to the risks of cancellation or postponement of the orders.
Arrival vehicles are in the development stage and Arrival does not expect its first vehicle to be produced until at least the second quarter of 2022, if at all. Even after Arrival begins production of its vehicles, due to the nature of large commercial fleet orders, the anticipated lead time between receipt of orders for Arrival’s EVs and implementation and delivery of its EVs is long, potentially spanning over several months. Given this anticipated lead time, there is a heightened risk that customers that have ordered vehicles may not ultimately take delivery due to potential changes in customer preferences, competitive developments and other factors. As a result, no assurance can be made that orders will not be cancelled or postponed, or that orders will ultimately result in the purchase or lease of EVs. Any cancellations or postponements could harm Arrival’s financial condition, business, prospects and operating results. Currently no customers have paid deposits or will be required to pay any penalties for cancellations, or, other than UPS, LeasePlan or Anaheim Transportation Network, have made any commitments to purchase Arrival vehicles. Arrival anticipates contracting with customers on terms which require the payment of a deposit and are not cancellable for convenience; however, in certain cases, Arrival and a customer may agree to commercial terms which include (amongst other things) the ability for the customer to modify or terminate the vehicle order and the parties may agree that a deposit is not required.
In addition, Arrival’s business model is initially focused on building relationships with commercial bus, van and car fleet customers. Even if Arrival is able to obtain binding orders, customers may limit their volume of purchases initially as they assess Arrival’s vehicles and whether to make a broader transition to EVs. This may be a long process and will depend on the safety, reliability, efficiency and quality of Arrival’s vehicles, as well as the support and service that Arrival offers. It will also depend on factors outside of Arrival’s control, such as general market conditions and broader trends in fleet management and vehicle electrification, which could impact customer buying decisions. As a result, there is significant uncertainty regarding demand for Arrival’s products and the pace and levels of growth that Arrival will be able to achieve.
Arrival’s growth is dependent upon the willingness of operators of commercial vehicle fleets and small to medium sized businesses to adopt EVs and on Arrival’s ability to produce, sell and service vehicles that meet their needs. If the market for commercial EVs does not develop as Arrival expects or develops slower than Arrival expects, Arrival’s business, prospects, financial condition and operating results will be adversely affected.
Arrival’s growth is dependent upon the adoption of EVs by operators of commercial vehicle fleets and on Arrival’s ability to produce, sell and service vehicles that meet their needs. The entry of commercial EVs into the medium-duty commercial vehicle market is a relatively new development, particularly in the United States, and is characterized by rapidly changing technologies and evolving government regulation, industry standards and customer views of the merits of using EVs in their businesses. This process has been slow to date. As part of Arrival’s sales efforts, Arrival must educate fleet managers as to what Arrival believes are the economical savings during the life of the vehicle and the lower “total cost of ownership” of Arrival’s vehicles. As such, Arrival believes that operators of commercial vehicle fleets will consider many factors when deciding whether to purchase Arrival’s commercial EVs (or commercial EVs generally) or vehicles powered by ICE, particularly diesel-fueled or natural
gas-fueled
vehicles. Arrival believes these factors include:
 
   
the difference in the initial purchase prices of commercial EVs with comparable vehicles powered by ICE, both including and excluding the effect of government and other subsidies and incentives designed to promote the purchase of EVs;
 
   
the total cost of ownership of the vehicle over its expected life, which includes the initial purchase price and ongoing operating and maintenance costs;
 
   
the availability and terms of financing options for purchases of vehicles and, for commercial EVs, financing options for battery systems;
 
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the availability of tax and other governmental incentives to purchase and operate EVs and future regulations requiring increased use of nonpolluting vehicles;
 
   
government regulations and economic incentives promoting fuel efficiency and alternate forms of energy;
 
   
fuel prices, including volatility in the cost of diesel or a prolonged period of low gasoline and natural gas costs that could decrease incentives to transition to EVs;
 
   
the cost and availability of other alternatives to diesel fueled vehicles, such as vehicles powered by natural gas;
 
   
corporate sustainability initiatives;
 
   
commercial EV quality, performance and safety (particularly with respect to
lithium-ion
battery packs);
 
   
the quality and availability of service for the vehicle, including the availability of replacement parts;
 
   
the limited range over which commercial EVs may be driven on a single battery charge;
 
   
access to charging stations and related infrastructure costs, and standardization of EV charging systems;
 
   
electric grid capacity and reliability; and
 
   
macroeconomic factors.
If, in weighing these factors, operators of commercial vehicle fleets determine that there is not a compelling business justification for purchasing commercial EVs, particularly those that Arrival will produce and sell, then the market for commercial EVs may not develop as Arrival expects or may develop more slowly than Arrival expects, which would adversely affect Arrival’s business, prospects, financial condition and operating results.
In addition, any reduction, elimination or selective application of tax and other governmental incentives and subsidies because of policy changes, the reduced need for such subsidies and incentives due to the perceived success of the EV, fiscal tightening or other reasons may result in the diminished competitiveness of the EV industry generally or Arrival’s EVs in particular, which would adversely affect Arrival’s business, prospects, financial condition and operating results. Further, Arrival cannot assure that the current governmental incentives and subsidies available for purchasers of EVs will remain available.
The orders from UPS, LeasePlan and Anaheim Transportation Network constitute all of the current orders for Arrival vehicles. If these orders are cancelled, modified or delayed, Arrival’s prospects, results of operations, liquidity and cash flow will be materially adversely affected.
The UPS order for 10,000 vehicles (with a UPS option to purchase up to an additional 10,000 vehicles), the LeasePlan agreement for 3,000 vehicles and the Anaheim Transportation Network agreement constitute the only agreements in place with respect to the order of Arrival vehicles. The vehicle volumes to be purchased pursuant to the UPS, LeasePlan and Anaheim Transportation Network orders may be modified or cancelled by UPS, LeasePlan or Anaheim Transportation Network, respectively. If the UPS, LeasePlan or Anaheim Transportation Network order is cancelled or modified, or any other arrangements are terminated, and Arrival has not received additional orders from other customers, its business, prospects, financial condition and operating results will be materially adversely affected.
Certain of Arrival’s strategic, development and deployment arrangements could be terminated or may not materialize into long-term contract partnership arrangements and may restrict or limit Arrival from developing EVs with other strategic partners.
Arrival has arrangements with strategic, development and deployment partners and collaborators. Some of these arrangements are evidenced by memorandums of understanding,
non-binding
orders or letters of intent, early
 
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stage agreements that are used for design and development purposes but will require renegotiation at later stages of development or production or master agreements that have yet to be implemented under separately negotiated statements of work, each of which could be terminated or may not materialize into next-stage contracts or long-term contract partnership arrangements. In addition, Arrival does not currently have arrangements in place that will allow it to fully execute its business plan, including, without limitation, final supply and manufacturing agreements and fleet service and management agreements. Moreover, existing or future arrangements may contain limitations on Arrival’s ability to enter into strategic, development and deployment arrangements with other partners. For example, the Collaboration Framework Agreement with HKMC, pursuant to which Arrival and Hyundai have agreed, among things to jointly develop vehicles using Arrival’s technologies, prevents Arrival from developing EVs with other traditional OEMs until November 3, 2022. If Arrival is unable to maintain such arrangements and agreements, or if such agreements or arrangements contain other restrictions from or limitations on developing EVs with other strategic partners, its business, prospects, financial condition and operating results may be materially and adversely affected.
Arrival’s ability to execute its microfactory production model on a large scale is unproven, still evolving and dependent on Arrival’s ability to raise sufficient capital to support production. This production model may lead to increased costs and/or reduced production of its vehicles and adversely affect Arrival’s ability to operate its business.
Arrival’s business model depends in large part on its ability to execute its plans to manufacture, market, deploy and service its EVs at microfactories. Arrival’s reliance on this production model will be subject to risks, including that Arrival:
 
   
may require a larger than anticipated factory footprint, which would increase Arrival’s costs of setting up the microfactories and would significantly delay production of its vehicles;
 
   
may not be able to reach its rate of production targets within its microfactories for its primary products, which would reduce its ability to be profitable;
 
   
may not be able to locate existing buildings meeting the requirements for its microfactories with respect to size, shape, power supply, and strength of construction, which would increase its costs of setting up the microfactories and would significantly delay production of its vehicles;
 
   
may not be able to build the expected number of microfactories, which would reduce its production targets and have a material adverse impact on its results of operations and financial condition; and
 
   
may experience higher local wages and supplier, manufacturing and construction costs than expected in local regions, resulting in higher operating costs and reducing its ability to be profitable.
Arrival currently has three microfactories in active development: one in Rock Hill, South Carolina, USA, one in Bicester, UK and one in Charlotte, North Carolina, USA. These microfactories are expected to start production in the second quarter of 2022, the third quarter of 2022 and the fourth quarter of 2022, respectively. Arrival plans to have three microfactories in operation by the end of 2022. Due to the relatively short commissioning times of the Arrival microfactory, the exact locations of the microfactories that will follow Rock Hill, South Carolina, USA, Bicester, UK and Charlotte, North Carolina, USA are yet to be determined.
In addition, Arrival intends to establish a “back office” in each microfactory to handle customary administrative and support services such as local payroll processes and tax and company registrations. Any inability to do so, or delays in doing so, could adversely affect Arrival’s ability to operate its business and delay productions of its vehicles.
If any of the foregoing issues occur, and Arrival is unable to execute on its microfactory production business model, Arrival’s business, prospects, financial condition and operating results may be materially and adversely affected.
 
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Arrival may encounter obstacles outside of its control that slow market adoption of EVs, such as regulatory requirements or infrastructure limitations.
Arrival’s growth is highly dependent upon the adoption of EVs by the commercial and municipal fleet industry. The target demographics for Arrival’s EVs are highly competitive. If the market for EVs does not develop at the rate or in the manner or to the extent that Arrival expects, or if critical assumptions Arrival has made regarding the efficiency of its EVs are incorrect or incomplete, Arrival’s business, prospects, financial condition and operating results will be harmed. The fleet market for EVs is new and untested and is characterized by rapidly changing technologies, price competition, numerous competitors, including OEMs, evolving government regulation and industry standards and uncertain customer demands and behaviors.
Arrival’s growth depends upon Arrival’s ability to maintain relationships with Arrival’s existing suppliers, source suppliers for Arrival’s critical components, and complete building out Arrival’s supply chain, while effectively managing the risks due to such relationships.
Arrival’s growth will be dependent upon Arrival’s ability to enter into supplier agreements and maintain its relationships with suppliers who are critical and necessary to the output and production of Arrival’s vehicles. Arrival also relies on a small group of suppliers to provide Arrival with the components for Arrival’s vehicles. The supply agreements Arrival has or may enter into with key suppliers in the future may have provisions where such agreements can be terminated in various circumstances, including potentially without cause. If these suppliers become unable to provide or experience delays in providing components or the supply agreements Arrival has in place are terminated, it may be difficult to find replacement components. Changes in business conditions, pandemics, governmental changes, and other factors beyond Arrival’s control or that Arrival does not presently anticipate could affect Arrival’s ability to receive components from Arrival’s suppliers.
However, Arrival has not secured supply agreements for all of its components. Arrival may be at a disadvantage in negotiating supply agreements for the production of its vehicles due to its limited operating history. In addition, there is the possibility that finalizing the supply agreements for the parts and components of Arrival’s vehicles will cause significant disruption to Arrival’s operations, or such supply agreements could be at costs that make it difficult for Arrival to operate profitably.
If Arrival does not enter into long-term supply agreements with guaranteed pricing for critical parts or components, Arrival may be exposed to fluctuations in components, materials and equipment prices. Substantial increases in the prices for such components, materials and equipment would increase Arrival’s operating costs and could reduce Arrival’s margins if Arrival cannot recoup the increased costs. Any attempts to increase the announced or expected prices of Arrival’s vehicles in response to increased costs could be viewed negatively by Arrival’s potential customers and could adversely affect Arrival’s business, prospects, financial condition or operating results.
Arrival currently targets many customers, suppliers and partners that are large corporations with substantial negotiating power, exacting product, quality and warranty standards and potentially competitive internal solutions. If Arrival is unable to sell its products to these customers or is unable to enter into agreements with suppliers and partners on satisfactory terms, its prospects and results of operations will be adversely affected.
Many of Arrival’s current and potential customers, suppliers and partners are large, multinational corporations with substantial negotiating power relative to it and, in some instances, may have internal solutions that are competitive to Arrival’s products. These large, multinational corporations also have significant development resources, which may allow them to acquire or develop independently, or in partnership with others, competitive technologies. Meeting the technical requirements and securing design wins with any of these companies will require a substantial investment of Arrival’s time and resources. Arrival cannot assure you that its products will secure design wins from these or other companies or that it will generate meaningful revenue from the sales of its products to these key potential customers. If Arrival’s products are not selected by these large corporations or if these corporations develop or acquire competitive technology, it will have an adverse effect on Arrival’s business.
 
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If Arrival is unable to establish and maintain confidence in its long-term business prospects among customers and analysts and within its industry or is subject to negative publicity, then its financial condition, operating results, business prospects and access to capital may suffer materially.
Customers may be less likely to purchase Arrival’s commercial EVs if they are not convinced that Arrival’s business will succeed or that its service and support and other operations will continue in the long term. Similarly, suppliers and other third parties will be less likely to invest time and resources in developing business relationships with Arrival if they are not convinced that its business will succeed. Accordingly, in order to build and maintain its business, Arrival must maintain confidence among customers, suppliers, analysts, ratings agencies and other parties in its EVs, long-term financial viability and business prospects. Maintaining such confidence may be particularly complicated by certain factors including those that are largely outside of Arrival’s control, such as its limited operating history, customer unfamiliarity with its EVs, any delays in scaling production, delivery and service operations to meet demand, competition and uncertainty regarding the future of EVs, including Arrival’s EVs and Arrival’s production and sales performance compared with market expectations.
As Arrival expands into new territories, many of which will be international territories, it may encounter stronger market resistance than it currently expects, including from incumbent competitors in those territories.
Arrival will face risks associated with any potential international expansion of its operations into new territories, including possible unfavorable regulatory, political, tax and labor conditions, which could harm its business. In addition, in certain of these markets, Arrival may encounter incumbent competitors with established technologies and customer bases, lower prices or costs, and greater brand recognition. Arrival anticipates having international operations and subsidiaries that are subject to the legal, political, regulatory and social requirements and economic conditions in these jurisdictions. However, Arrival has no experience to date selling or leasing and servicing its vehicles internationally, and such expansion would require Arrival to make significant expenditures, including the hiring of local employees and establishing facilities, in advance of generating any revenue. Arrival will be subject to a number of risks associated with international business activities that may increase its costs, impact its ability to sell its EVs and require significant management attention. These risks include:
 
   
conforming Arrival’s EVs to various international regulatory requirements where its EVs are sold which requirements may change over time;
 
   
difficulties in obtaining or complying with various licenses, approvals, certifications and other governmental authorizations necessary to manufacture, sell or service its EVs in any of these jurisdictions;
 
   
difficulty in staffing and managing foreign operations;
 
   
difficulties attracting customers in new jurisdictions;
 
   
foreign government taxes, regulations and permit requirements, including foreign taxes that Arrival may not be able to offset against taxes imposed upon Arrival in the U.S.;
 
   
a heightened risk of failure to comply with corporation and employment tax laws;
 
   
fluctuations in foreign currency exchange rates and interest rates, including risks related to any interest rate swap or other hedging activities Arrival undertakes;
 
   
U.S. and foreign government trade restrictions, tariffs and price or exchange controls;
 
   
foreign labor laws, regulations and restrictions;
 
   
changes in diplomatic and trade relationships;
 
   
political instability, natural disasters, global health concerns, including health pandemics such as the
COVID-19
pandemic, war or events of terrorism; and
 
   
the strength of international economies.
 
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If Arrival fails to successfully address these risks, Arrival’s business, prospects, financial condition and operating results could be materially harmed.
Factors that may influence the fleet market adoption of EVs include:
 
   
perceptions about EV quality, safety, design, performance, reliability and cost, especially if adverse events or accidents occur that are linked to the quality or safety of EVs;
 
   
perceptions about vehicle safety in general, including the use of advanced technology, such as vehicle electronics, batteries and regenerative braking systems;
 
   
the decline of vehicle efficiency and/or range resulting from deterioration over time in the ability of the battery to hold a charge;
 
   
changes or improvements in the fuel economy of ICE, the vehicle and the vehicle controls or competitors’ electrified systems;
 
   
the availability of service, charging and fueling and other associated costs for EVs;
 
   
access to sufficient charging infrastructure;
 
   
the risk that government support for EVs and infrastructure may not continue;
 
   
volatility in the cost of energy, electricity, oil and gasoline could affect buying decisions;
 
   
government regulations and economic incentives promoting fuel efficiency and alternate forms of energy, including new regulations mandating zero tailpipe emissions compared to overall carbon reduction;
 
   
the availability of tax and other governmental incentives to purchase and operate EVs or future regulation requiring increased use of nonpolluting vehicles; and
 
   
macroeconomic factors.
As an example, the market price of oil has dropped since January 2020, and it is unknown to what extent any corresponding decreases in the cost of fuel may impact the market for EVs. Moreover, travel restrictions and social distancing efforts in response to the
COVID-19
pandemic, including the potential impact of the emergence of variants of
COVID-19,
may negatively impact the commercial bus, van and car fleet industry, for an unknown, but potentially lengthy, period of time. Additionally, Arrival may become subject to regulations that may require it to alter the design of its EVs, which could negatively impact customer interest in Arrival’s products.
Arrival has grown its business rapidly, and expects to continue to expand its operations significantly. Any failure to manage its growth effectively could adversely affect its business, prospects, operating results and financial condition.
Any failure to manage Arrival’s growth effectively could materially and adversely affect Arrival’s business, prospects, operating results and financial condition. Arrival intends to expand its operations significantly. Arrival expects its future expansion to include:
 
   
expanding the management team;
 
   
hiring and training new personnel;
 
   
leveraging consultants to assist with company growth and development;
 
   
forecasting production and revenue;
 
   
controlling expenses and investments in anticipation of expanded operations;
 
   
establishing or expanding design, production, sales and service facilities;
 
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implementing and enhancing administrative infrastructure, systems and processes; and
 
   
expanding into international markets.
Arrival intends to continue to hire a significant number of additional personnel, including software engineers, design and production personnel and service technicians for its EVs. Because Arrival’s EVs are based on a different technology platform than ICE, individuals with sufficient training in EVs may not be available to hire, and as a result, Arrival will need to expend significant time and expense training any newly hired employees. Competition for individuals with experience designing, producing and servicing EVs and their software is intense, and Arrival may not be able to attract, integrate, train, motivate or retain additional highly qualified personnel. The failure to attract, integrate, train, motivate and retain these additional employees could seriously harm Arrival’s business, prospects, financial condition and operating results.
Arrival’s business may be adversely affected by labor and union activities.
Although none of Arrival’s employees are currently represented by a labor union, it is common throughout the automobile industry generally for many employees at automobile companies to belong to a union, which can result in higher employee costs and increased risk of work stoppages. Arrival may also directly and indirectly depend upon other companies with unionized work forces, such as parts suppliers and trucking and freight companies, and work stoppages or strikes organized by such unions could have a material adverse impact on Arrival’s business, financial condition or operating results.
Arrival’s limited operating history makes it difficult for Arrival to evaluate its future business prospects.
Arrival is a company with an extremely limited operating history, and has generated no revenue to date. As Arrival attempts to transition from research and development activities to commercial production and sales, it is difficult, if not impossible, to forecast Arrival’s future results, and Arrival has limited insight into trends that may emerge and affect Arrival’s business. The estimated costs and timelines that Arrival has developed to reach full scale commercial production are subject to inherent risks and uncertainties involved in the transition from a
start-up
company focused on research and development activities to the large-scale manufacture and sale of vehicles. There can be no assurance that Arrival’s estimates related to the costs and timing necessary to complete design and engineering of its EVs and to tool its microfactories will prove accurate. These are complex processes that may be subject to delays, cost overruns and other unforeseen issues. For example, the tooling required within Arrival’s microfactories may be more expensive to produce than predicted, or have a shorter lifespan, resulting in additional replacement and maintenance costs, particularly relating to composite panel tooling, which could have a material adverse impact on our results of operations and financial condition. Similarly, Arrival may experience higher raw material waste in the composite process than it expects, resulting in higher operating costs and hampering its ability to be profitable.
In addition, Arrival has engaged in limited marketing activities to date, so even if Arrival is able to bring its EVs to market on time and on budget, there can be no assurance that fleet customers will embrace Arrival’s products in significant numbers. Market conditions, many of which are outside of Arrival’s control and subject to change, including general economic conditions, the availability and terms of financing, the impacts and ongoing uncertainties created by the
COVID-19
pandemic, fuel and energy prices, regulatory requirements and incentives, competition and the pace and extent of vehicle electrification generally, will impact demand for Arrival’s EVs, and ultimately Arrival’s success.
Arrival is dependent on its suppliers, some of which are single or limited source suppliers, and the inability of these suppliers to deliver the raw materials and components of Arrival’s vehicles in a timely manner and at prices and volumes acceptable to it could have a material adverse effect on its business, prospects and operating results.
While Arrival plans to obtain raw materials and components from multiple sources whenever possible, some of the raw materials and components used in its vehicles will be purchased by Arrival from a single or limited
 
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source, such as LG Chem who has agreed to manufacture and supply lithium ion battery cells for Arrival’s vehicles. While Arrival believes that it may be able to establish alternate supply relationships and can obtain or engineer replacement raw materials and components for its single or limited source raw materials and components, Arrival may be unable to do so in the short term (or at all) at prices or quality levels that are acceptable to it, leaving Arrival susceptible to supply shortages, long lead times for components and cancellations and supply changes. In addition, Arrival could experience delays if its suppliers do not meet agreed upon timelines or experience capacity constraints.
Any disruption in the supply of raw materials or components, whether or not from a single or limited source supplier, could temporarily disrupt production of Arrival’s vehicles until an alternative supplier is able to supply the required raw materials or components. Changes in business conditions, unforeseen circumstances, governmental changes, and other factors beyond Arrival’s control or which it does not presently anticipate, could also affect its suppliers’ ability to deliver raw materials or components to Arrival on a timely basis. Any of the foregoing could materially and adversely affect Arrival’s results of operations, financial condition and prospects.
As Arrival grows rapidly and expands into multiple global markets, there is a risk that Arrival will fail to maintain an effective system of internal controls and its ability to produce timely and accurate financial statements or comply with applicable regulations could be adversely affected. Arrival may identify material weaknesses in its internal controls over financial reporting which it may not be able to remedy in a timely manner.
As a public company, Arrival operates in an increasingly demanding regulatory environment, which requires it to comply with the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), the regulations of Nasdaq, the rules and regulations of the SEC, expanded disclosure requirements, accelerated reporting requirements and more complex accounting rules. Company responsibilities required by the Sarbanes-Oxley Act include establishing corporate oversight and adequate internal control over financial reporting and disclosure controls and procedures. Effective internal controls are necessary for Arrival to produce reliable financial reports and are important to help prevent financial fraud. Commencing with its fiscal year ending December 31, 2021, Arrival must perform system and process evaluation and testing of its internal controls over financial reporting to allow management to report on the effectiveness of its internal controls over financial reporting in its
Form 20-F
filing for that year, as required by Section 404 of the Sarbanes-Oxley Act. Prior to the closing of the Business Combination, Arrival had never been required to test its internal controls within a specified period and, as a result, it may experience difficulty in meeting these reporting requirements in a timely manner.
Arrival anticipates that the process of building its accounting and financial functions and infrastructure will require significant additional professional fees, internal costs and management efforts. Arrival expects that it will need to implement a new internal system to combine and streamline the management of its financial, accounting, human resources and other functions. However, such a system would likely require Arrival to complete many processes and procedures for the effective use of the system or to run its business using the system, which may result in substantial costs. Any disruptions or difficulties in implementing or using such a system could adversely affect Arrival’s controls and harm its business. Moreover, such disruption or difficulties could result in unanticipated costs and diversion of management’s attention. Arrival’s internal control over financial reporting will not prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud will be detected.
If Arrival is not able to comply with the requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner, or if it is unable to maintain proper and effective internal controls, Arrival may not be able to produce timely and accurate financial statements. If Arrival cannot provide reliable financial reports or prevent fraud, its
 
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business and results of operations could be harmed, investors could lose confidence in its reported financial information and Arrival could be subject to sanctions or investigations by Nasdaq, the SEC or other regulatory authorities.
Arrival has identified material weaknesses in its internal control over financial reporting. This could result in material misstatements in Arrival’s historical financial reports and, if Arrival or the Company is unable to successfully remediate the material weaknesses, the accuracy and timing of the Company’s financial reporting may be adversely affected, investors may lose confidence in the accuracy and completeness of the Company’s financial reports, and the market price of Ordinary Shares may be materially and adversely affected.
Although Arrival is not yet subject to the certification or attestation requirements of Section 404 of the Sarbanes-Oxley Act, in connection with the audit of Arrival’s consolidated financial statements as of and for the years ended December 31, 2020 and 2019, Arrival’s management and its independent registered public accounting firm identified deficiencies that Arrival concluded represented material weaknesses in its internal control over financial reporting, primarily attributable to its lack of an effective control structure and sufficient financial reporting and accounting personnel. Management further notes that the material weaknesses in the control framework include, without limitation, a lack of effective governance over IT systems, a lack of documented evidence of review of significant areas of judgment and estimation uncertainty including intangible asset capitalization, insufficient segregation of duties and management oversight, a lack of formal policies and procedures for manual journal entries, and a lack of controls related to impairments of assets under construction, share based payments and employee loans, and the consolidation and preparation of our financial statements. SEC guidance defines a material weakness as a deficiency or combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of annual or interim financial statements will not be prevented or detected on a timely basis.
Arrival is in the process of designing and implementing measures to improve its internal control over financial reporting to remediate the material weaknesses related to its financial reporting as of the years ended December 31, 2020, 2019 and 2018 primarily by implementing additional review procedures within its accounting and finance department, hiring additional accounting and compliance staff and designing and implementing information technology and application controls in its financially significant systems, engaging consultants to assist it in documenting and improving its system of internal controls, as well as by implementing appropriate accounting infrastructure. At the time of this prospectus, these material weaknesses have not been remediated.
While Arrival is designing and implementing measures to remediate the material weaknesses, it cannot predict the success of such measures or the outcome of its assessment of these measures at this time. Arrival can give no assurance that these measures will remediate either of the deficiencies in internal control or that additional material weaknesses in its internal control over financial reporting will not be identified in the future. The Company’s failure to implement and maintain effective internal control over financial reporting could result in errors in its financial statements that may lead to a restatement of its financial statements or cause it to fail to meet its reporting obligations. If a material weakness was identified and the Company is unable to assert that its internal control over financial reporting is effective, or when required in the future, if the Company’s independent registered public accounting firm is unable to express an unqualified opinion as to the effectiveness of the internal control over financial reporting, investors may lose confidence in the accuracy and completeness of the Company’s financial reports, the market price of Ordinary Shares could be adversely affected and the Company could become subject to litigation or investigations by Nasdaq, the SEC, or other regulatory authorities, which could require additional financial and management resources.
There are complex software and technology systems that need to be developed in coordination with vendors and suppliers in order to reach production for Arrival’s EVs, and there can be no assurance such systems will be successfully developed.
Arrival vehicles will use a substantial amount of third-party and
in-house
software codes and complex hardware to operate. The development of such advanced technologies is inherently complex, and Arrival will need to
 
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coordinate with its vendors and suppliers in order to reach production for its EVs. Defects and errors may be revealed over time and Arrival’s control over the performance of third-party services and systems may be limited. Thus, Arrival’s potential inability to develop the necessary software and technology systems may harm its competitive position.
Arrival is relying on third-party suppliers to develop a number of emerging technologies for use in its products, including lithium ion battery technology. These technologies are not today, and may not ever be, commercially viable. There can be no assurances that Arrival’s suppliers will be able to meet the technological requirements, production timing, and volume requirements to support its business plan. In addition, the technology may not comply with the cost, performance, useful life and warranty characteristics Arrival anticipates in its business plan. As a result, Arrival’s business plan could be significantly impacted, and Arrival may incur significant liabilities under warranty claims which could adversely affect its business, prospects, and results of operations.
The discovery of defects in Arrival vehicles may result in delays in new model launches, recall campaigns or increased warranty costs. Additionally, discovery of such defects may result in a decrease in the residual value of its vehicles, which may materially harm its business.
Arrival’s EVs may contain defects in design and production that may cause them not to perform as expected or may require repair. Arrivals’ products (including vehicles and components) have not completed testing and Arrival currently has a limited frame of reference by which to evaluate the performance of its EVs upon which its business prospects depend. There can be no assurance that Arrival will be able to detect and fix any defects in its EVs. Arrival may experience recalls in the future, which could adversely affect Arrival’s brand and could adversely affect its business, prospects, financial condition and operating results. Arrival’s EVs may not perform consistent with customers’ expectations or consistent with other vehicles which may become available. Any product defects or any other failure of Arrival’s EVs and software to perform as expected could harm Arrival’s reputation and result in a significant cost due to warranty replacement and other expenses, a loss of customer goodwill du