Why Rivian Stock Fell 12% Last Month
Rivian issued more shares in July to raise capital.
Overview
Rivian (NASDAQ: RIVN) stock fell 12.3% in July, according to data provided by S&P Global Market Intelligence, after the electric vehicle company announced it sold an additional 75 million shares to raise new capital.
Rivian is ramping up production of its new R2 vehicle, but the company is burning through cash as it tries to gain its footing during a very difficult time for the EV industry.
Image source: The Motley Fool.
Details
Source
Originally published at www.fool.com.
Related Articles
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.