Rivian Stock’s $1.32 Billion Raise Came With a $3.4 Billion Repricing
Rivian Automotive closed Friday at $17.48, down 3.5%, after selling 86.25 million shares at $15.50 apiece in an offering expected to net the electric-vehicle maker about $1.32 billion. U.S. markets were closed Sunday. A cash-adjusted reading of the deal shows a larger figure: roughly $3.4 billion of value disappeared against a simple no-repricing benchmark.