On July 8, Rivian Automotive fell 5.03% in pre-market trading, trading at $15.68/share, with turnover of $70.12 million.

On the news front, the company announced it has completed pricing of its 75 million common share offering at $15.50 per share, representing a significant discount to the prior closing price, with total gross proceeds of approximately $1.2 billion. The underwriters have been granted a 30-day overallotment option to purchase up to an additional 11.3 million shares, further amplifying dilution pressure on existing shareholders.

Net proceeds will be used to fulfill equity contribution obligations related to a revised $4.5 billion loan agreement with the U.S. Department of Energy, with loan drawdowns expected to begin in early next year. While the company recently reported strong Q2 deliveries of 12,194 vehicles exceeding guidance, raised its full-year delivery target to 65,000-70,000 units, and disclosed preliminary Q2 revenue of $1.55-$1.65 billion above analyst expectations of $1.46 billion, the offering's dilutive impact dominated market sentiment.

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