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00:02Rivian shares fell 9% in extended trading Monday after the electric vehicle maker
00:07launched an offering to sell 75 million shares, according to Reuters.
00:12Based on Monday's closing price, the sale would raise about $1.5 billion.
00:18Rivian said it plans to use the proceeds to fund equity contributions
00:22tied to a loan agreement with the U.S. Department of Energy.
00:25The offering comes as the company ramps up plans for its smaller R2 SUV
00:30and follows stronger second-quarter deliveries and a higher annual delivery forecast.
00:35Rivian also forecast second-quarter revenue of $1.55 billion to $1.65 billion,
00:42above analysts' estimate of $1.45 billion.
00:45The company expects to report results on July 30th.
00:48For all things money, visit Benzinga.com.
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