Rivian Automotive to Sell 75 Million Shares

Rivian Automotive Inc. has begun an underwritten public offering of 75 million shares of its common stock. 

Shares fell 8.9% to $18.35 apiece in after-hours trading on Monday after the announcement.  

All shares in the offering will be sold only by Rivian, which expects to direct the net proceeds to “general corporate purposes,” including required funding related to the automaker’s loan from the U.S. Department of Energy (DOE).  

The Irvine-based EV maker also reported preliminary second quarter revenues between $1.55 billion and $1.65 billion, estimated above last year’s $1.3 billion, according to a July 6 SEC filing. Rivian will report Q2 financial reports on July 30.