Shares of Rivian Automotive Inc. slid within the prolonged session Wednesday after the EV maker issued preliminary quarterly gross sales estimates that had been on par with Wall Street’s forecasts and introduced plans to supply $1.5 billion price of convertible notes.
Rivian
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in a submitting, gave a preliminary third-quarter gross sales estimate of between $1.29 billion and $1.33 billion. Analysts polled by FactSet anticipated gross sales of $1.31 billion. The firm estimated it had money, money equivalents and short-term investments of $9.1 billion as of Sept. 30.
Rivian additionally mentioned it plans to supply, topic to market and different circumstances, $1.5 billion price of “green” convertible senior notes due in 2030. That could be in a personal providing to “qualified institutional buyers,” Rivian mentioned.
The plan would give consumers the choice to buy as much as a further $225 million in notes. The notes shall be senior, unsecured obligations of Rivian. Noteholders may have the suitable to transform their notes in sure circumstances and through specified intervals, the corporate mentioned.
Shares fell 8% after hours.
Rivian inventory ended the common buying and selling day up 9.2%, and thus far this 12 months has gained round 28%, which compares with an advance of round 10% for the S&P 500 index
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Source web site: www.marketwatch.com
