Correction – arrival announces reverse stock split

Aiming to meet the minimum value bid requirement for maintaining listing on nasdaq company's authorized share capital will be u.s.$540,000, divided into 54,000,000 ordinary shares shareholders' percentage ownership interest will not be affected luxembourg, april 12, 2023 (globe newswire) -- further to the press release issued on april 11, 2023, arrival has updated the record date for its reverse stock split to april 13, 2023. the corrected release follows: arrival (nasdaq: arvl) (“arrival” or the “company”), inventor of a unique new method of design and production of electric vehicles (“evs”), today announced that, pursuant to the approvals granted at the extraordinary general meeting of shareholders held on april 6, 2023 (the “egm”), 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 (the “ordinary shares”), at a ratio of 1-for-50 (the “consolidation ratio”).
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