WASHINGTON (dpa-AFX) - Rivian Automotive, Inc. (RIVN) Wednesday said that it has priced its earlier announced underwritten public offering of 75 million common shares at $15.50 per share, thus raising around $1.2 billion in gross proceeds before underwriting discounts, commissions, and offering expenses.
The electric vehicle manufacturer said that it has also granted the underwriters a 30-day option to purchase up to an additional 11.25 million shares at the public offering price, less underwriting discounts and commissions. Rivian Automotive is selling all shares offered in the transaction.
Rivian Automotive said that the offering is expected to close on July 9, 2026, subject to customary closing conditions. The company said that it plans to use the net proceeds for general corporate purposes, including funding certain equity contributions.
On the NASDAQ, RIVN ended Tuesday's trading at $16.49, down $3.65 or 18.12 percent. In overnight trading, the stock is down 1.5 percent at $16.24.
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