rivian-tumbles-late-on-plan-to-offer-convertible-debt

Rivian Automotive (RIVN) said late Wednesday it will offer $1.5 billion of convertible debt and disclosed preliminary revenue. RIVN stock tumbled overnight after surging in Wednesday’s session.

X

The EV startup will sell the green convertible senior notes, with purchasers having an option to buy another $225 million in debt. Rivian intends to use the proceeds to “finance, refinance, make direct investments in, in whole or in part, one or more new or recently completed” eligible green projects.

Rivian stock fell 6.9% in late trading. During Wednesday’s session, RIVN stock jumped 9.2% to 23.69, rebounding back above the 50-day line.

Rivian has a 28.06 buy point, with a 24.87 early entry.

The EV startup also reported preliminary third-quarter revenue for $1.29 billion-$1.33 billion, in line with consensus.

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

Please follow Ed Carson on X/Twitter at @IBD_ECarson and Threads at @edcarson1971 for stock market updates and more.

YOU MAY ALSO LIKE:

Why This IBD Tool Simplifies The Search For Top Stocks

Catch The Next Big Winning Stock With MarketSmith

Best Growth Stocks To Buy And Watch

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today

Futures: Stocks Bounce, But Must Do This; Tesla Races Into Buy Area

LEAVE A REPLY

Please enter your comment!
Please enter your name here