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.