Arrival announces 1-for-50 reverse stock split

Arrival announced that, pursuant to the approvals granted at the extraordinary general meeting of shareholders held on April 6, 2023, the Board of Directors has determined to implement a reverse stock split of all of the Company’s ordinary shares, having an accounting par value, at a ratio of 1-for-50. The Company is undertaking the reverse stock split with the objective of meeting the minimum $1.00 per Ordinary Share bid requirement for maintaining the listing of the Ordinary Shares on The Nasdaq Global Select Market. At the EGM held on April 6, the Company’s shareholders resolved to approve a share consolidation at a consolidation ratio to be set between 1-for-30 and 1-for-50 by the Board of Directors, a share capital reduction without cancellation of shares, and the related amendment to the articles of association. The Board of Directors has been granted the powers to implement these resolutions. The Board of Directors also approved amendments to the articles of association of the Company to reflect the consolidation of the Ordinary Shares pursuant to the Consolidation Ratio.