Tuesday, September 27, 2022

Ford and another unnamed investor reportedly plan to dump up to 23 million Rivian shares


Ford Motor (NYSE:F(*23*)) reportedly plans to dump 8M of its 102M-share stake in Rivian Automotive ((*23*)NASDAQ:RIVN(*23*)) as soon as the struggling EV maker’s post-IPO lockup interval expires Sunday.(*23*)

CNBC quoted unnamed sources Saturday as saying that the automaker intends to promote the inventory via Goldman Sachs at a time when RIVN’s share value has tanked because the agency staged a scorching preliminary public providing final November.

Rivian went public on Nov. 10 at $78 a share – valuing the agency at some $66.5M – and shot up to as excessive as $179.47 intraday only a few sessions later.

Nevertheless, the inventory has run out of juice since then, closing Friday at $28.79 – down 6.3% for the session and 84% from its Nov. 16 post-IPO peak. Friday’s end represented RIVN’s lowest shut because the agency went public.

In the meantime, CNBC cited unnamed sources as saying that another unnamed investor has employed JPMorgan Chase to promote 13M to 15M of that get together’s RIVN shares as soon as the lockup interval ends.

The community said each gross sales will doubtless carry a $26.90-a-share asking value, or 6.6% beneath the place Rivian (RIVN) closed on Friday.

Looking for Alpha contributor On the Pulse at the moment charges RIVN as a “Maintain.” Here’s why.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
11FollowersFollow
0SubscribersSubscribe
- Advertisement -spot_img

Latest Articles