Benzinga | Nov 19, 2021 05:37AM EST

Arrival To Raise $307M Via Equity Offering

* Arrival SA (NASDAQ:ARVL) has upsized its public follow-on offering to 32.37 million ordinary shares (previously 25 million shares) at a public offering price of $9.50 per share.

* The offer price represents a 4% discount on the company's closing price as of November 18, 2021.

* The follow-on offering is expected to close on November 23, 2021.

* Arrival has granted the underwriters the option to purchase up to 4.8 million additional ordinary shares.

* Goldman Sachs International, J.P. Morgan Securities LLC, Barclays Capital Inc, and Cowen and Company, LLC are acting as underwriters of the follow-on offering.

* Price Action: ARVL shares closed lower by 7.64% at $9.91 on Thursday.