Breakingviews: EV double-SPAC provides only weak recharge

NEW YORK, April 10 (Reuters Breakingviews) – SPACs are in recycling mode. Electric-van developer Arrival just unveiled a merger with a special-purpose acquisition company, valuing it at $524 million. The twist: It already went public via a blank-check deal in 2021, at a valuation some 10 times higher. The new transaction is an expensive gamble on a second chance. Arrival's fall mirrors other EV hopefuls like Canoo (GOEV.O), Faraday Future Intelligent Electric (FFIE.O) and Lordstown Motors (RIDE.O). All merged with SPACs that priced at $10 per share, and now trade under $1. In capital-intensive businesses, cash is precious. Arrival's latest…