Rivian Stock Slid 6% in Premarket Trading

Tiger Newspress2022-05-09

Rivian Stock Slid 6% in Premarket Trading.

Ford Motor reportedly plans to dump 8M of its 102M-share stake in Rivian Automotive once the struggling EV maker's post-IPO lockup period expires Sunday.

The automaker intends to sell the stock through Goldman Sachs at a time when RIVN's share price has tanked since staging a hot initial public offering last November.

Rivian went public on Nov. 10 at $78 a share – valuing the firm at some $66.5M – and shot up to as high as $179.47 intraday just a few sessions later. However, the stock has run out of juice since then, closing Friday at $28.79 – down 6.3% for the session and 84% from its Nov. 16 post-IPO peak.

Another unnamed investor has hired JPMorgan Chase to sell 13M to 15M RIVN shares once the lockup period ends.

The network said both sales will likely carry a $26.90-a-share asking price, or 6.6% below where Rivian (RIVN) closed on Friday.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Huat1333
2022-05-09
Huat1333
One way ticket to ...[What] [What] [What]
Huat1333
2022-05-09
Huat1333
One way ticket ...till ...[What] [What] [What] [What]
Mr Mooney
2022-05-09
Mr Mooney
Bargain time?
ALi_BaBa
2022-05-09
ALi_BaBa
Like
JcJc
2022-05-09
JcJc
Sure drop [Facepalm]
VaanWu
2022-05-09
VaanWu
Ok

Leave a comment

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