NewsMV
A 75 million-share capital raise from Rivian (RIVN) sent the stock down more than 15% in extended trading.
The deal landed after two consecutive stretches of strong price performance: an 8.1% gain in Monday's regular session, built on a 19.2% advance the prior week.
Good timing for the issuer; less so for anyone who chased the rally. The deal and its setup Rivian brought the 75 million-share offering to market during extended hours, directly after Monday's session close.
The stock had added 8.1% on Monday and 19.2% the week before. For an equity issuer, that sequence is the preferred window: sell after the tape has already done the work of marking up your share price.
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