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Revealing stock drops 10% after selling 75 million shares
Rivian Automotive's stock declined by more than 10% following the company's announcement of a public offering of 75 million shares, with an estimated value of approximately $1.51 billion, to finance equity investments related to a loan with the U.S. Department of Energy. This move came after the stock rose by 8.1% on Monday and 19% during the previous week, and it includes an option to purchase up to an additional 11.25 million shares. This comes as the company cancels plans to achieve profitability by 2027 and reports first-half revenues exceeding expectations, ranging between $1.55 billion and $1.65 billion, while its cash and investments balance increased to around $5.3 billion.
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