Posted 10/5/2023, 2:00:15 PM
Rivian Stock Sinks as EV Maker Announces $1.5 Billion Convertible Note Offering
- Rivian shares sink 16% on Thursday after announcing plans to raise $1.5 billion through a convertible note offering
- Company expects Q3 revenue between $1.29 billion and $1.33 billion, roughly in line with estimates
- Rivian had $9.1 billion in cash and equivalents at end of Q3, down from $10.2 billion in Q2
- EV maker took steps earlier this year to cut costs and bolster balance sheet
- News of $1.5 billion note offering came as a surprise to investors
- Buyers have option to purchase additional $225 million of notes
- Rivian stock has dropped sharply since announcement
