- 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.
XRP Decreases More Than 5% Within 24 hours
Over the past 24 hours, XRP's (CRYPTO: XRP) price has fallen 5.1% to $0.47. This continues its negative trend over the past week where it has experienced a 11.0% loss, moving from $0.53 to its current price.
