Rivian‘s Chief Executive Robert J. Scaringe and Chief Financial Officer Claire McDonough, disclosed on proposed share sales under pre-arranged trading plans, according to regulatory filings submitted on Thursday.
Scaringe filed a Form 144 with the U.S. Securities and Exchange Commission (SEC) indicating his intention to sell 107,144 shares on Thursday. Over the last three months, the CEO sold 356,144 Rivian shares.
The shares were acquired through a stock option exercise and the planned sale has an estimated market value of approximately $1.63 million.
Rule 10b5-1 allows corporate insiders to sell a set number of shares at predetermined times.
The CEO has sold a total of 250,000 shares over the past three months in a series of planned transactions, according to the filing.
Rivian CFO Claire McDonough also filed a Form 144, dated May 13, for the planned sale of 9,937 shares of common stock, valued at roughly $149,000. Over the last three months, the CFO sold 16,793 Rivian shares.
The shares had been acquired as part of a restricted stock award issued in February and the sale was also executed under a Rule 10b5-1 plan.
Both filings include the standard certification that the executives are not in possession of any material non-public adverse information about the company at the time of the proposed sales.
Rivian shares closed 3.2% at $15.30 on Thursday.
The company extended this week its free trial of its assisted driving software “until late 2025.” Named ‘Autonomy Platform+,’ the software is exclusive to the second-generation R1T and R1S vehicles and an upgrade from the standard (free) Rivian Autonomy Platform.
Previously, Rivian’s app showed that the trial would end by “early 2025.”
