Industrial EV startup Arrival’s enterprise continues to unravel.

Arrival introduced Monday in a regulatory submitting that its U.Okay. division is getting into administration, the nation’s model of chapter. The troubled firm, which went public in 2021 by way of a merger with a particular goal acquisition firm, stated it’s seeking to promote its U.Okay. belongings and mental property with a purpose to pay again the lenders that helped it keep afloat.

The push into administration comes only a week after Nasdaq introduced it was pulling the startup’s shares from its inventory change, and rather less than a 12 months after Arrival pulled collectively a $300 million lifeline in an try to show the enterprise round.

Arrival says different subsidiaries outdoors the U.Okay. will proceed to function, however the firm didn’t clarify what which means. Greater than 170 jobs are in danger within the U.Okay. alone, in line with the Monetary Occasions.

As soon as valued at greater than $13 billion and backed by Hyundai and UPS, Arrival made large claims about the way it was going to revolutionize the best way electrical autos are made. At this time, Arrival is valued at about $9 million.

The middle of its EV imaginative and prescient concerned constructing electrical business vans and buses in extraordinarily compact “microfactories” that could possibly be situated in metropolis facilities. These plans by no means bore out as the corporate frequently bled cash, whereas additionally taking up a wide selection of tasks like an electrical bus and a purpose-built automobile for Uber. Arrival additionally cycled by means of numerous executives and restructured a minimum of 3 times, shedding staff in every occasion.

In 2022, Arrival shifted its focus to the US and away from the U.Okay. market, the place it’s headquartered and the place the primary EV vans have been imagined to be delivered. The pivot was a part of a restructuring geared toward preserving capital. Nonetheless, that has additionally fallen flat with Arrival failing to provide and ship business autos.