© Reuters. Rivian (RIVN) Inventory Tumbles on Report Ford (F) is Set to Offload 8 Million Shares
Ford Motor (NYSE:) plans to dump 8 million of its shares in Rivian Automotive (NASDAQ:), with the electrical carmaker’s preliminary public providing (IPO) lockup interval as a consequence of finish on Sunday.
Ford holds a complete of 102 million shares of Rivian and plans to conduct the sale by means of Goldman Sachs (NYSE:), in response to CNBC.
The lockup interval refers to a time interval after an organization’s IPO throughout which traders and insiders are usually not capable of promote their shares so as to forestall the IPO from flooding the market with new shares.
One other Wall Road banking large, JPMorgan Chase (NYSE:), additionally intends to promote a Rivian share block of between 13 million and 15 million for an undisclosed purchaser, with every block priced at $26.90 per share.
Rivian’s shares have tanked over 50% within the first three months of 2022, making a pointy U-turn from the fourth quarter when the corporate’s shares skyrocketed following its IPO.
The automaker mentioned in March it estimated to fabricate 25,000 electrical vehicles and SUVs in 2022, troubled by provide chain challenges and inner manufacturing points.
Rivian inventory value is down 7% in pre-open Monday.
By Senad Karaahmetovic
