SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Dated July 13, 2022
Commission File Number: 001-40286
(Translation of registrants name into English)
60A, rue des Bruyeres
Grand Duchy of Luxembourg
+352 621 266 815
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN EACH OF THE REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-254885) AND THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-259673) OF ARRIVAL AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
On July 12, 2022, Arrival (the Company) issued a press release announcing it has proposed a reorganization of its business. A copy of the press release is furnished as Exhibit 99.1 to this report on Form 6-K.
|99.1||Press Release issued by Arrival on July 12, 2022.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
|Title:||Chief Executive Officer|
Dated: July 13, 2022
Arrival proposes business reorganisation
July 12, 2022
LONDON, July 12, 2022 (GLOBE NEWSWIRE) Arrival (NASDAQ: ARVL), inventor of a unique new method of design and production of equitable electric vehicles (EVs) by local Microfactories, today confirmed that it has proposed a reorganisation of its business in response to the challenging economic environment as it focuses on its next major milestone starting production of the Arrival Van in Q3 2022.
Arrival has proposed plans that include a realignment of the organisation that would enable it to deliver business priorities until late 2023 primarily utilising the $500mn cash on hand. Arrivals proposal includes a targeted 30% reduction in spend across the organisation and anticipates that it could potentially impact up to 30% of employees globally.
Arrival continues to see a huge amount of interest in its products, and believes that its proposals are the right step at this time to ensure the long term success of the business and enable it to service this demand in the face of a unique economic environment that is seeing both new players and traditional OEMs facing supply chain issues, an ongoing pandemic, geopolitical tensions and rising inflation. Arrival believes it must address these challenges now as it starts production this year.
Arrivals vertical integration and new method for the production of electric vehicles using Microfactories, puts it in a unique position to respond to global issues such as these, with the proposed changes enabling Arrival to be even more agile in the face of ongoing global uncertainty. Arrival remains committed to starting production of its Van in Q3 this year and preparing the business for the unique opportunity ahead.
A business strategy update will be provided on Arrivals second quarter earnings call on 11th August 2022.
Arrival was founded in 2015 with a mission to make air clean by replacing all vehicles with affordable electric solutions produced by local Microfactories. We are driving the transition to EVs globally by creating products that are zero-emission, more desirable, more sustainable and more equitable than ever before. Our in-house technologies enable our unique new method of design and production using rapidly-scalable, local Microfactories around the world. This method facilitates cities and governments in achieving their sustainability goals whilst also supercharging their communities. This vertically integrated business model is how we can have the radical impact our world needs today. Arrival (NASDAQ: ARVL) is a joint stock company governed by Luxembourg law.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the products offered by Arrival and the markets in which it operates. Such statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and are based on managements belief or interpretation of information currently available. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release.