UK-based electric vehicle startup Arrival (earlier post) announced that Simon Edel, Alan Hudson and Sam Woodward of EY-Parthenon’s Turnaround and Restructuring Strategy team were appointed as joint administrators of Arrival UK Ltd and Arrival Automotive UK Limited, both subsidiaries of Arrival. All of Arrival’s other subsidiaries will continue their activities as usual outside of the administration process.

The Administrators are now exploring options for the sale of the business and assets of the companies, including the electric vehicle platform, software, intellectual property and R&D assets, for the benefit of creditors.

NASDAQ suspended trading in the company’s securities at the open of business on 30 January 2024, and filed a Form 25 Notification of Delisting with the US Securities and Exchange Commission to remove the company’s securities from listing on NASDAQ.

NASDAQ said this was the result of Arrival not being in compliance with NASDAQ’s continued listing standards, which deficiencies were previously disclosed by the company (failing to file accounts for 2022), and the failure to submit a remediation plan.

Arrival had sought to develop a range of software-defined, last-mile electric vehicles. However, despite some initial global testing, the company failed to launch its debut electric van.

In November 2023, Arrival had entered into new secured bridge financing of up to $50.0 million of additional liquidity to provide working capital to the business and fund Arrival’s exploration of a potential sale or strategic alternative transaction.