Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter
According to a SEC form released on Friday, Ford sold an additional 7 million shares of its initial investment in Rivian. The US automaker sold the shares for about $26.88 per share ($188.2 million) bringing the weekly total to $402 million and is now still owning 86,947,494 shares of the electric vehicle maker.
On Monday – one day after the insider lock up expiration date – Ford sold 8 million Rivian shares at $26.80 per share 93,947,494. Rivian shares hit on Wednesday session a new all-time-low at $19.25, more than 90% lower from its high in November 2021.
Rivian Automotive announced on Wednesday its Q1 2022 Financial Results missing the first quarter revenue estimated reporting $95 million versus the consensus estimate of $130.5 million. The EV maker reiterated its forecast to produce 25,000 vehicles in 2022. The EV maker still sees full year 2022 EBITDA of -$4.75B, in line with consensus.
Rivian had its IPO on November 10, 2021, raising nearly $13 Billion with a price of $78.00 per share. By then, Rivian and Lucid stocks were among the favourites for short-squeeze traders leading Rivian share price to its All-Time-High at $179.47 after the first week of trading.
Last week, the same sources told David Faber that also JPMorgan Chase is planning to sell “between 13 million and 15 million for an unknown seller”. The total amount will be around 21—24 million shares could represent a dump of over $645 million if considering the higher case scenario for JP Morgan Chase sell.
Earlier this month, Rivian announced a $1.5 billion state and local incentive package for its second factory planned for Georgia. On Dec. 3, 2021, The Financial Times reported that the UK was offering Rivian $1.32 billion to build a plant in Somerset.
Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter