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24x7Report > Blog > Finance > Rivian Tumbles On Plan To Offer Convertible Debt
Finance

Rivian Tumbles On Plan To Offer Convertible Debt

Last updated: 2023/10/05 at 3:27 PM
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US auto sales rise in the second quarter as full-year outlook improves;  These 2 EV stocks are rising
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Rivian Automotive (RIVN) mentioned late Wednesday it can provide $1.5 billion of convertible debt and disclosed preliminary income. RIVN inventory plunged Thursday after surging Wednesday.




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The EV startup will promote the inexperienced convertible senior notes, with purchasers having an possibility to purchase one other $225 million in debt. Rivian intends to make use of the proceeds to “finance, refinance, make direct investments in, in complete or partially, a number of new or just lately accomplished” eligible inexperienced tasks.

Rivian inventory dived 18% to 19.43, hitting a three-month low intraday. On Wednesday, RIVN inventory jumped 9.2% to 23.69, rebounding again above the 50-day line.

Rivian has a 28.06 purchase level, with a 24.87 early entry.

The EV startup additionally reported preliminary third-quarter income for $1.29 billion-$1.33 billion, consistent with consensus.

On Monday, Rivian reported better-than-expected Q3 deliveries.

Please observe Ed Carson on X/Twitter at @IBD_ECarson and Threads at @edcarson1971 for inventory market updates and extra.

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TAGGED: convertible, debt, offer, plan, Rivian, Tumbles

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