The capital raise took place during extended trading, overshadowing positive preliminary delivery figures from the previous week and introducing concerns regarding stock dilution.
Details Of The Public Offering
Based on the last closing price of $20.14, Rivian could raise as high as $1.74 billion in gross proceeds assuming all 86.25 million shares are sold at the last closing price.
Rivian stated it expects to use the net proceeds for general corporate purposes, including funding certain equity contributions under an Amended and Restated Loan Arrangement and Reimbursement and Sponsor Support Agreement with the U.S. Department of Energy.
Rivian ended the first quarter with approximately $4.83 billion in cash, cash equivalents and short-term investments.
