Arrival SA, an electric-vehicle company, went public in March 2021 through a “de‑SPAC” merger with CIIG Merger Corp., a process that lets a private company list by combining with a special purpose acquisition company (SPAC). The settlement covers investors who bought Arrival or CIIG securities from Nov. 18, 2020, to Nov. 19, 2021, as well as CIIG shareholders who could vote on or redeem shares before the deal closed—two groups often affected when SPAC marketing, projections, and merger disclosures later come under scrutiny. The lawsuit was filed because investors alleged Arrival and other defendants made false or misleading statements about the company’s business and financial prospects in connection with the merger, inflating prices and harming shareholders when the truth emerged. Without admitting wrongdoing, Arrival agreed to pay $11.275 million (plus any leftover amount from a $2 million defense-cost reserve) to resolve claims brought under key U.S. securities laws, including anti-fraud provisions (Section 10(b)), proxy-solicitation rules (Section 14(a)), and disclosure requirements tied to offering documents (Section 11). The case matters because it illustrates how investors can seek recovery when merger-related communications are alleged to paint an overly optimistic picture, and it highlights the real financial exposure companies face even when they choose to settle to avoid prolonged litigation risk. More broadly, this fits a wave of SPAC- and de‑SPAC-related securities suits that surged as many post-merger companies missed projections or revised expectations, prompting allegations that pre-merger statements weren’t adequately grounded. Regulators, including the SEC, have also tightened the compliance environment around SPAC disclosures and projections, emphasizing accountability for statements made in investor presentations, registration materials, and proxy filings—areas central to many similar cases across the market as courts and companies adapt to increased scrutiny of how high-growth stories are sold to public investors.