🔴 RIVN is trading 13.4% down today after announcing a $1.7 billion stock offering

RIVN is trading 13.4% down at $17.45 after unveiling a $1.7 billion stock offering that will significantly dilute existing shareholders.

• The move to raise new equity has overshadowed recent positive news, including stronger-than-expected deliveries and raised full-year guidance.
• Although Rivian projects Q2 revenue growth above 20%, the sizable share offering has triggered a sharp turn in market sentiment and pressured the share price.