Rivian (RIVN) Announces 75 Million Share Public Offering

Rivian Automotive Inc (NASDAQ:RIVN) shares fell about 15% after announcing a public offering of 75 million shares to raise capital for general corporate purposes. The company expects to grant underwriters a 30-day option to purchase an additional 11.25 million shares. Rivian also provided preliminary second-quarter revenue estimates between $1.55 billion and $1.65 billion, exceeding analyst expectations of $1.45 billion. Additionally, Rivian reported a cash balance increase to $5.3 billion at the end of Q2 from $4.8 billion at the end of Q1, highlighting the company's liquidity position amidst new equity issuance.