Arrival to exchange $20m debt for equity with antara

Luxembourg, june 06, 2023 (globe newswire) -- arrival (nasdaq: arvl; the “company”), inventor of a unique new method of design and production of electric vehicles, today announced that it has agreed to amend the debt-to-equity transaction agreement with antara capital master fund lp (“antara”), resulting in its exchange of $20 million principal amount of 3.50% convertible notes due 2026 (“notes”) for 3,024,194 ordinary shares (“ordinary shares”). in connection with the exchange, antara has agreed that it will not sell or otherwise dispose of the ordinary shares that it receives in the exchange in an amount greater than 10% of the traded volume of the company's ordinary shares on any given trading day. the exchange will take place today, june 6, 2023.
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