Rivian Is Raising Around $1.5 Billion By Offering 75 Million Shares. Here’s Why the Stock Is Tanking.
Yahoo Finance ·
Shares of the premium electric vehicle company Rivian ( RIVN 18.12% ) crashed 18% on July 7, after the company announced a common stock offering. Rivian has launched an offering of 75 million common shares. Underwriters will have the option to purchase an additional 11.25 million shares of Rivian’s common stock over the next 30 days. Based on Rivian’s closing price of $20.14 per share on July 6, the offering would raise slightly over $1.5 billion. Here’s why the stock is tanking.
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