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The 10% drop came in extended hours trading after Rivian disclosed it was selling 75 million shares to raise capital.
The case for the timing is clear: the shares had climbed 19.2% over the prior week and added another 8.1% on Monday before the offering landed.
The risk, as investors appear to have read it, is that the deal confirmed concerns about Rivian's cash position rather than resolved them.
The offering and what it signals Companies typically announce secondary offerings after the close of regular trading, which is what Rivian did here.
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