July 6 (Reuters) – Rivian’s shares slipped 8% in extended trading on Monday after it launched a 75-million-share public offering, even as the electric-vehicle maker forecast second-quarter revenue above analysts’ estimates.
The offering will increase the number of shares outstanding, resulting in dilution for Rivian’s existing shareholders. The company plans to use the proceeds for general corporate purposes, including funding equity contributions under its U.S. Department of Energy loan agreement.
Meanwhile, Rivian’s upbeat revenue forecast follows last week’s stronger-than-expected delivery numbers that prompted the company to lift its full-year delivery projection.
Rivian expects revenue between $1.55 billion and $1.65 billion for the second quarter, driven primarily by higher vehicle deliveries, compared with analysts’ estimates of $1.45 billion, according to data compiled by LSEG.
(Reporting by Juby Babu in Mexico City; Editing by Jonathan Ananda)
