Rivian (RIVN) Stock Drops 15% After 75 Million Share Offering

Rivian Automotive (RIVN) shares fell over 15% when the company announced a public offering of 75 million shares to raise approximately $1.51 billion at $20.14 per share, based on Monday’s closing price. This decline followed a prior increase of 8.1% on Monday and 19% last week. Rivian plans to use the funds for equity contributions related to a loan agreement with the U.S. Department of Energy. The company also projected second-quarter revenue between $1.55 billion and $1.65 billion, surpassing analyst estimates of $1.45 billion, indicating potential growth despite current stock volatility.