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Electric vehicle maker Arrival (NASDAQ:ARVL) said on Tuesday that it had agreed to end its merger with SPAC Kensington Capital Acquisition Corp V (NYSE:KCGI.U).
The EV maker had agreed to combine with the blank-check firm in April. Arrival had expected the deal to allow it to access up to $238 million of cash.
Arrival said it had hired TD Cowen and Teneo Financial Advisory to look for other funding opportunities.
The British van maker, which counts United Parcel Services (UPS) as a customer, had disclosed a cash position of $130 million in its first-quarter earnings report, a drop of 37% from the prior quarter.
In May, Arrival had said that it was pushing ahead with its plan to produce just one vehicle, an electric van, in the near term.