Ford Sells Rivian Share After IPO Offering
Ford Motor sold 8 million Rivian Automotive shares after the initial public offering lockup expired on Monday.
A sale has happened might provide some relief for weary Rivian (ticker: RIVN) investors worried about the potential stock sale.
Ford Sells Rivian Share- Company Investors
Ford Sells Rivian Share- Company Performance
Rivian shares RIVN, -9.61% tumbled 12.6% in afternoon trading Tuesday toward their lowest-ever close.
Ford disclosed in a Form 4 filing late Tuesday that it sold 8 million of the Rivian Share, at a price of $26.80, to raise $214.4 million.
Ford Sells Rivian Share- Ford Disclosed
Ford Sells Rivian Share- Share Performance
Rivian’s stock had tumbled 20.9% to a then-record low of $22.78 on May 9 after the Ford Announcement.
The only time that the stock traded at or above $26.80 that day was before 6:18 a.m. Eastern, according trading data provided by FactSet.
Ford Sells Rivian Share- Traded Above
Ford Sells Rivian Share- $5.4 Billion Loss
In Ford’s first-quarter report out in late April, the automaker said it recorded a $5.4 billion unrealized loss on its Rivian equity.
Rivian is slated to report first-quarter results after Wednesday’s closing bell, per-share loss of $1.41 and revenue of $132.7 million.
Ford Sells Rivian Share- Q1 Quarter Results
Ford Sells Rivian Share- Swipe Up!!!
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