Rivian Raised $1.5 Billion With 75 Million-Share Offering. Its Stock Still Sank

Source: International Business Times

Rivian Automotive shares plunged more than 10% on Tuesday after the electric vehicle maker announced plans to sell 75 million new shares of common stock in a public offering. Scott Olson/Getty Images Rivian Automotive shares plunged more than 10% on Tuesday after the electric vehicle maker announced plans to sell 75 million new shares of common stock in a public offering, a move designed to raise approximately $1. 5 billion but one that also increases shareholder dilution.