EV maker Rivian skids on $1.2 bln stock sale
BUZZ-EV maker Rivian skids on $1.2 bln stock sale ** EV maker Rivian's RIVN.O shares down 4.5% premarket on Weds to $15.75 after $1.2 bln follow-on priced
** RIVN late Tues sold 75 mln shares at $15.50, a 6% discount to last close
** Stock shed 18% on Tues after it launched offering to fund equity contributions as part of a loan agreement with the U.S. Department of Energy
** Goldman Sachs, Allen & Co, Barclays, JP Morgan, Morgan Stanley and Wells Fargo jt bookrunners for offering
** Irvine, California-based RIVN has ~1.4 bln shares outstanding for roughly $22.4 bln market cap
** Last week, RIVN raised 2026 delivery forecast, betting on strong demand, including for its smaller, more affordable R2 SUVs
** Through Tues RIVN stock down 16% YTD vs 11% advance in Nasdaq .IXIC
** Avg rating of 27 analysts is "hold"; median PT $18, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))