Rivian's Stock Plummets on $1.5 Billion Convertible Debt Plan
TL;DR Summary
Shares of electric vehicle maker Rivian Automotive dropped 16% after the company announced plans to raise $1.5 billion through convertible notes. The company also provided a preliminary estimate of its third-quarter revenue, which is in line with Wall Street expectations. Rivian has been taking steps to strengthen its balance sheet, including staff reductions and previous convertible note sales. The latest offering came as a surprise to investors. Rivian reported better-than-expected third-quarter deliveries and will release its earnings report on November 7.
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- Rivian Tumbles On Plan To Offer Convertible Debt Investor's Business Daily
- Rivian stock tumbles as convertible bond sale offset solid sales forecast TheStreet
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- Rivian Sinks After EV Maker Plans Convertible Note Offering Yahoo Finance
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