Written by Cláudio Afonso | LinkedIn | X
RJ Scaringe, the chief executive of the electric vehicle (EV) maker Rivian has filed a Form 144 with the U.S. Securities and Exchange Commission (SEC) late Monday proposing the sale of 71,429 shares of common stock.
Form 144 is a document that must be filed with the SEC by a company’s executive, or affiliate when proposing to sell over 5,000 shares or securities worth more than $50,000 within three months.
Over the past three months, Scaringe has filed notices for two prior proposed sales of Rivian common stock, each involving 71,429 shares. According to the form filed on Monday, gross proceeds from the sale amount up to $1.62 million.
The notice for the first proposed sale on June 5, was valued at $910,000, while the notice for the second proposed sale on June 10, was valued at $830,000 in gross proceeds — as reported by EV.
The proposed sale will be facilitated by Morgan Stanley Smith Barney LLC Executive Financial Services, with the transaction valued at approximately $10.7 million. These shares are part of the 995,032,346 outstanding units and are anticipated to be sold in the coming days.
The company announced last Friday its Chief Accounting Officer Jeffrey Baker has resigned to pursue another career opportunity.
The resignation will take effect later this month, on July 27, as Baker continues in his current role to ensure a smooth transition.
Earlier in the week, the German media outlet Handelsblatt reported that Rivian and Volkswagen were in discussions to extend their recently announced software partnership into hardware collaboration and joint production.
However, when contacted by Reuters, the US-based electric vehicle (EV) maker Rivian stated that it has no plans to produce vehicles with Volkswagen Group.
Last week, Volkswagen Group said it was set to invest up to $5 billion in the US-based electric vehicle maker Rivian to leverage its technology and form a joint venture.
Written by Cláudio Afonso | LinkedIn | X
