SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Dated March 10, 2023
Commission File Number: 001-40286
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Arrival
(Exact Name of Registrant as Specified in Its Charter)
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Grand Duchy of Luxembourg
(Jurisdiction of Incorporation or Organization)
60a, rue des Bruyeres, L-1274 Howald,
Grand Duchy of Luxembourg
(Address of Principal Executive Offices)
____________________
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY
REFERENCE IN EACH OF THE REGISTRATION STATEMENTS ON FORM F-3 (FILE
NO. 333-254885, FILE NO. 333-266472 AND FILE NO. 333-270019) AND
THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-259673) OF
ARRIVAL AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT
IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS
SUBSEQUENTLY FILED OR FURNISHED.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
On January 30, 2023, Arrival (the “Company”) issued a press release
announcing the appointment of Igor Torgov as CEO and announces
significant savings Initiatives to reduce spend by approximately
50%. A copy of the press release is furnished as Exhibit 99.1 to
this report on Form 6-K.
Exhibit Index
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Exhibit Number |
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Exhibit
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99.1 |
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Press Release issued by Arrival on January 30, 2023
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
ARRIVAL
By
/s/ John Wozniak
Name: John Wozniak
Title: Chief Financial Officer
Dated: March 10, 2023
Exhibit 99.1
Arrival Appoints Igor Torgov as CEO and Announces Significant
Savings Initiatives to Reduce Spend by Approximately
50%
Luxembourg, January 30, 2023
- Arrival (NASDAQ: ARVL) today announces the appointment of Igor
Torgov, former Arrival EVP of Digital, as CEO. The Board has
unanimously voted in Igor to effect the planned restructuring of
its business and to support Arrival’s mission to master a radically
more efficient New Method to design and produce electric
vehicles.
Igor Torgov’s appointment will take effect from today, January 30,
2023. Igor joined Arrival in February 2020 and has led the
development of multiple divisions at Arrival including Fintech,
Commercialization, Business Systems, IT and Digital products over
the last nearly three years. Prior to Arrival, Igor held numerous
COO, CEO, and leadership positions at Atol, Bitfury, Yota, Columbus
IT and Microsoft.
Igor holds his MBA in Strategic Management from California State
University in Hayward, California.
Arrival has previously announced its plan to refocus its resources
on the development of its US Van product, which the company
currently expects to start production in Charlotte in 2024, subject
to raising additional capital.
Following a detailed review of its operations and its markets,
Arrival is now announcing immediate actions to further reduce its
operating costs and to optimize the deployment of its current cash
resources. This includes the difficult decision to reduce its
global workforce by approximately 50% to 800 employees. When
combined with other cost reductions in real estate and third-party
spending, the company expects to halve the ongoing cash cost of
operating the business to approximately $30 million per
quarter.
Public road trials in the UK of the first certified and registered
vans are ongoing.
Arrival is also announcing today the appointment of Teneo, a
financial advisor, to assist the company in evaluating strategic
alternatives, including opportunities to raise additional capital,
optimize its balance sheet, and improve liquidity to support the
execution of its business strategy.
Further details of the company’s 2023 business plan, financial
outlook and product milestones will be shared on the Full Year 2022
Business Update webcast planned for March 9th.
As of 31 December 2022, Arrival had cash on hand of $205
million.
Commenting on Igor’s appointment, Denis Sverdlov, Founder and
Chairman of the Board said:
“We are delighted that Igor will be stepping up as Chief Executive.
His considerable experience executing business strategies in
operations, manufacturing, supply chain, business systems and IT
and his detailed knowledge of Arrival’s business made him the ideal
candidate and will enable him to hit the ground running. The Board
and I would like to thank Peter for his contribution as Interim CEO
and his help in facilitating the plans we have announced
today.”
Peter Cuneo, former Interim CEO, supports Igor’s appointment,
saying:
“My challenge, as interim CEO, was to work with the senior
leadership team and the Board of Arrival, to create a plan to take
the company successfully into the future; one that would encourage
investors to provide financial support to Arrival. The plan is
being effected now and this allows for a permanent CEO, who knows
the Arrival business, people and technology intimately, to be
appointed. I wish Igor the best of luck.”
Igor Torgov, Arrival’s new CEO, commented:
“Accepting this important role at a critical point in Arrival’s
journey is a significant responsibility. Arrival has developed
unique technologies in a market that has huge growth potential and
can play a key role in addressing climate change. To unlock these
opportunities, we need to make difficult decisions and to take
swift action. Following a detailed evaluation of Arrival and the
wider EV market during the past two months, the leadership team and
the Board have taken decisive action to ensure the most effective
use of our current resources and optimize the efficiency of the
business. The actions support our journey to become a champion in
innovative products and new, more efficient methods of vehicle
production, particularly in the important US market for commercial
electric vehicles. We are keenly aware that these decisions, while
necessary, will have a profound impact on a significant number of
our colleagues. We are 100% committed to supporting our employees
during this difficult process.”
About Arrival
Arrival’s mission is to master a radically more efficient New
Method to design, produce, sell and service best-ever electric
vehicles, to support a world where cities are free from fossil fuel
vehicles. Arrival’s in-house technologies enable a unique approach
to producing vehicles using rapidly-scalable, local Microfactories.
Arrival (NASDAQ: ARVL) is a joint stock company governed by
Luxembourg law.
Forward-looking statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the products offered by Arrival and the
markets in which it operates. Such statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and are based on management’s belief or
interpretation of information currently available. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release.
Media Contacts For Arrival
Media
pr@arrival.com
Investors
ir@arrival.com
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