Arrival calls EGM to vote on proposed reverse stock split

Arrival announced the calling of an Extraordinary General Meeting of Shareholders to vote on a proposed reverse stock split at a consolidation ratio within a range from 30:1 to 50:1 to position the Company to regain compliance with the minimum bid requirement under the Nasdaq listing rules by its ordinary shares trading above $1 for 10 consecutive business days prior to May 1, 2023. At the EGM, Shareholders will also be asked to vote on a proposed capital reduction to $156,532.22, without cancellation of shares or payments to shareholders, thereby setting the par value of the Company’s ordinary shares at around $0.0002 per ordinary share prior to the implementation of the reverse stock split. The EGM is planned for April 6, 2023 and Shareholders holding shares of the Company as of March 28, 2023 will be invited to vote on the resolutions.