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Finance
Is Rivian Stock a Buy on the Dip?
The EV maker's shares fell after a recent equity offering.
Rivian Automotive(NASDAQ: RIVN) saw its shares slide this week after the electric vehicle (EV) producer raised $1.2 billion in gross proceeds through an equity offering. The stock is now down more than 16% year to date as of this writing.
The company sold 75 million shares for $15.50 apiece, while also giving underwriters the option to buy another 11.25 million shares at the offering price. Rivian intends to use some of the proceeds to fund its equity contribution under its loan with the Department of Energy (DOE) to build its new factory in Georgia. The new plant will help it increase its electric vehicle production capacity by about 50% to 300,000 vehicles a year.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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