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Why EV Start-Up Arrival's Shares Sank Today

Arrival (NASDAQ: ARVL) provided its second-quarter update Thursday, and it indicated the electric vehicle company is working as hard to stay afloat as it is to get its products into production. Arrival told investors it remains on track to begin production of electric vans at its facility in the U.K. in the current quarter, and said it has about $6 billion in non-binding memorandums of understanding and orders if all are completed. Maybe most impactful for shareholders, the company plans to sell another $300 million in stock that will significantly dilute existing shareholders.