On July 7, Rivian Automotive declined 9.38% in pre-market trading, trading at $18.33/share, with turnover of $1.4529 million.

The decline was triggered by the company's announcement of a 75 million share underwritten public offering, with an additional 30-day overallotment option for up to 11.3 million shares. Based on Monday's closing price of $20.14, the offering is expected to raise approximately $1.5 billion. Net proceeds will be used to fulfill equity contribution obligations under a revised $4.5 billion loan agreement with the U.S. Department of Energy, with loan disbursement expected to begin in early next year.

Despite simultaneously disclosing preliminary Q2 revenue of $1.55 billion to $1.65 billion — exceeding analysts' consensus estimate of $1.46 billion — the large-scale equity dilution pressure became the dominant factor suppressing the stock price. The company has yet to achieve profitability, and market concerns over its ongoing financing needs further intensified selling pressure.

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