5th Gear: We Got Another SPAC Over Here

“This electric vehicle start-up just became the largest UK company listing in history,” the Financial Times boldly declared, “and pretty much nobody has heard of it.” The company in question is an electric vehicle startup, one that makes vans. The FT reports:

Just under an hour ago, at US market open, Arrival, a London-based pre-revenue electric van maker, merged with special purpose acquisition vehicle CIIG Merger Corp to list on the Nasdaq. In the process, it raised $660m.

But that’s not the nuts bit. The value of the business as the clock struck 9.30am Eastern? $13.6bn.

Yes, you read that correctly. Billion with a “B”. Not only that, but it’s the record for a listing of a UK company, according to data from Dealogic.


The words “special purpose acquisition” should raise your ears. These companies, SPACs for short, are key in letting shaky startups go public without revealing information investors normally get access to during the IPO process. SPACs were behind Nikola, and SPACs are making a bubble, as Defector explained in a detailed report in February. I’m just amazed that this hustle is still going on.

Reverse: Vaccinations!


Neutral: Did You Own One Of The Old Two-Door Cute Utes?

Geo Tracker owners, convertible RAV4 owners, I know you’re out there.