Shares of fell sharply on Thursday, after the company surprised investors with a plan to offer $1.5 billion in convertible notes.
It also provided a preliminary estimate of its third-quarter revenue that was in line with Wall Street estimates.
Shares closed down over 22% on Thursday.
In a regulatory late Wednesday, Rivian said it expects its third-quarter revenue to come in between $1.29 billion and $1.33 billion, roughly in line with Wall Street estimates of $1.3 billion, according to LSEG, formerly known as Refinitiv.
Rivian also estimated that it had cash and equivalents of $9.1 billion as of Sep. 30, down from .
Rivian took steps earlier this year to slow spending and bolster its balance sheet, including a in February and a $1.3 billion in March. The company also delayed the launch of its upcoming smaller R2 vehicle platform to 2026, from 2025. But news of the latest offering came as a surprise to investors.
Rivian plans to offer $1.5 billion worth of senior, unsecured "green" convertible notes due in 2030. Buyers will have the option to purchase up to an additional $225 million worth of notes,
Rivian on Monday reported that were better than Wall Street had expected. The EV maker will report its third-quarter earnings after the U.S. markets close Nov. 7.
