MarketPR
A 75-million-share secondary offering sent Rivian Automotive (RIVN) down 18% in extended-hours trading, cutting through a rally that had accumulated across the prior week and Monday's regular session.
The capital raise was announced after regular hours. The next confirmable milestone for the setup is the formal per-share offering price once the deal is disclosed.
The numbers on the tape Rivian shares gained 19.2% in the week before the announcement, then added 8.1% in Monday's session, putting the stock at a materially higher level than where the recent run began.
The company moved to sell 75 million new shares into that strength.
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