Ford Motor (NYSE:F) reportedly plans to dump 8M of its 102M-share stake in Rivian Automotive (NASDAQ:RIVN) as soon as the struggling EV maker’s post-IPO lockup interval expires Sunday.
CNBC quoted unnamed sources Saturday as saying that the automaker intends to promote the inventory via Goldman Sachs at a time when RIVN’s share value has tanked for the reason that agency staged a scorching preliminary public providing final November.
Rivian went public on Nov. 10 at $78 a share – valuing the agency at some $66.5M – and shot as much as as excessive as $179.47 intraday only a few classes later.
Nonetheless, the inventory has run out of juice since then, closing Friday at $28.79 – down 6.3% for the session and 84% from its Nov. 16 post-IPO peak. Friday’s end represented RIVN’s lowest shut for the reason that agency went public.
In the meantime, CNBC cited unnamed sources as saying that one other unnamed investor has employed JPMorgan Chase to promote 13M to 15M of that get together’s RIVN shares as soon as the lockup interval ends.
The community mentioned each gross sales will doubtless carry a $26.90-a-share asking value, or 6.6% beneath the place Rivian (RIVN) closed on Friday.
In search of Alpha contributor On the Pulse presently charges RIVN as a “Maintain.” Here is why.