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00:02Rivian Automotive stock plunged 18% Tuesday after the electric vehicle maker
00:07announced a public offering of 75 million Class A shares, according to CNBC.
00:13The move marked Rivian's worst day since 2024 and its fifth worst day on record.
00:19The offering came after Rivian shares rose 8.1% Monday and gained 19% last week.
00:25Based on Monday's $20.14 closing price, Rivian would raise about $1.51 billion.
00:31The company said it plans to use the proceeds to fund equity contributions
00:35tied to a U.S. Department of Energy loan agreement.
00:38Rivian also pre-released second quarter revenue of $1.55 billion to $1.65 billion,
00:45above analyst estimates of $1.45 billion.
00:48The EV maker suspended its 2027 profitability target because it expects research and development
00:53costs to rise for autonomy and next-generation vehicle technology.
00:57For all things money, visit Benzinga.com.
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