Rivian Automotive's stock has seen a decline of 6.25% in the last five trading sessions, contributing to an 11.46% loss in the past month and a year-to-date loss of 3.77%. Over the last year, the stock has fallen by 17.69%. Rivian plans to raise $1.25 billion through a new debt deal amidst decreasing vehicle deliveries. The company aims to redeem $1.25 billion worth of existing senior secured notes. Despite a move into the e-bike market, Rivian faces several financial challenges, including negative gross profits reported for the last fiscal year and significant operational expenses.
Shares of Rivian Automotive experienced a significant decline of 6.25% over the last five trading sessions, resulting in an 11.46% drop over the past month and a 3.77% year-to-date loss.
Rivian is planning to offer $1.25 billion in senior secured green notes due 2031 to raise funds following expected declines in vehicle deliveries, as well as use cash to redeem outstanding senior secured notes.
The company reported negative gross profits reaching $1.2 billion for the full year, improving from a negative $2 billion in 2023, despite aspirations to expand into the e-bike market.
Since its IPO in November 2021, Rivian's stock has dropped more than 85% from its all-time high of $180 as a result of heightened operational costs and reduced vehicle deliveries.
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