EV maker Rivian aims to raise $1.2 billion from previously announced offering

Short summary

Rivian shares dropped 18% to $16.49 after announcing a $1.2 billion capital offering. The raise comes as the EV maker accelerates production of its more affordable R2 SUV line, which is seen as critical to the company's long-term viability. Rivian recently reported strong Q2 deliveries and raised its annual forecast.

• •Rivian stock fell 18% to $16.49 following a $1.2B offering announcement
• •The capital supports rollout of the affordable R2 SUV, key to company success
• •Q2 deliveries were strong and annual forecast was raised last week

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