EV Maker Rivian Shares have Record Drop After Convertible Bond Offering Launched
Friday, October 6th, 2023
Shares of Rivian Automotive Inc fell by nearly 23% on Thursday, the biggest daily percentage decline since their debut in 2021, after the electric vehicle maker unveiled plans to issue $1.5 billion worth of convertible green bonds.
Irvine, California-based Rivian expects the bonds, which mature in October 2030 and can be converted to either cash or its shares, will help it to "de-risk" the launch of its R2 sports utility vehicle in Georgia, a company spokesperson told Reuters on Wednesday.
Read More at Yahoo! FInance.
