Rivian Automotive (RIVN) said late Wednesday it will off $1.5 billion of convertible debt. RIVN stock tumbled overnight after surging in Wednesday’s session.
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The EV startup will sell the green convertible senior notes, with purchasers having an option to buy another $225 million in debt. Rivian intends to use the proceeds to “finance, refinance, make direct investments in, in whole or in part, one or more new or recently completed” eligible green projects.
Rivian stock fell 6.5% in late trading. During Wednesday’s session, RIVN stock jumped 9.2% to 23.69, rebounding back above the 50-day line.
Rivian has a 28.06 buy point, with a 24.87 early entry.
On Monday, Rivian reported better-than-expected third-quarter deliveries.
Please follow Ed Carson on X/Twitter at @IBD_ECarson and Threads at @edcarson1971 for stock market updates and more.
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