- Arrival SA (NASDAQ:ARVL) agreed to amend the debt-to-equity transaction agreement with Antara Capital Master Fund LP.
- The move will result in Arrival exchanging $20 million principal amount of 3.50% convertible notes due 2026 for about 3 million ordinary shares.
- 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 shares.
- The exchange will take place today, June 6, 2023.
- After the exchange, the remaining principal amount of Arrival’s convertible notes outstanding will be approximately $300 million.
- Arrival saw its cash and equivalents plunge to $130 million as of March 31, 2023, from $205 million at the end of December 31, 2022.
- Price Action: ARVL shares are trading lower by 6.57% at $3.27 on the last check Tuesday.
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