Rivian Begins Underwritten Offering Of 75 Mln Shares
(RTTNews) - Rivian Automotive, Inc. (RIVN), on Monday launched an underwritten public offering of 75 million common shares.
The company also expects to grant underwriters a 30-day option to purchase up to an additional 11.25 million shares. Pricing and expected proceeds were not disclosed.
The move is to raise funds for general corporate purposes, including certain equity contributions under its amended U.S. Department of Energy loan agreement.
The offering is being made under Rivian's shelf registration statement that became effective on April 30.
Rivian Automotive closed trading 8.11% higher at $20.14 on the Nasdaq. In the overnight trading, the stock traded 9.73% lesser at $18.18.
Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.