(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.
