ArrivalNASDAQ: ARVL

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Arrival SA (NASDAQ:ARVL), the British electric van manufacturer, revealed its UK operations entered administration on Tuesday. Once valued at £9 billion and favoured by ex-Prime Minister Boris Johnson, the Banbury-based company faced significant challenges in its plan to bring its electric vans, buses, and taxis to the market at a relatively low cost.

Commercial EV startup Arrival's business continues to unravel. Arrival announced Monday in a regulatory filing that its UK division is entering administration, the country's version of bankruptcy.

Arrival said it received a delisting and stock trading suspension notice from the Nasdaq, sending the British electric-vehicle company's shares down about 15% on Monday.

Commercial EV startup Arrival is being removed from the Nasdaq stock exchange as it speeds toward dissolution. The company, which went pubic after merging with a special purpose acquisition company, announced Monday morning that the Nasdaq will suspend trading of Arrival shares January 30, followed by a formal delisting.

British electric vehicle company Arrival is heading closer to insolvency after lining up a new set of advisers to oversee contingency planning, Sky News reported on Monday.

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Following a brief glimmer of astounding optimism followed by years of frustration, electric vehicle (EV) upstart Arrival (NASDAQ: ARVL ) appears to recognize the writing on the wall. According to a disclosure, management seeks either a sale of the company or other strategic alternatives.

Arrival just warned investors that it's slashing its workforce yet again. The electric van maker said on Tuesday that it “took actions” on October 5 to “further reduce its operating costs.