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

Electric-vehicle maker Rivian on Tuesday priced its previously announced offering of ‌75 million shares ⁠at $15.50 ⁠per share, aiming to raise around $1.2 billion.

Rivian said it plans ​to use the proceeds to fund equity contributions as ​part of a ⁠loan agreement ‌with the ​U.S. Department ​of Energy.

Shares of ⁠Rivian closed around 18% lower at $16.49 on Tuesday. The offering, announced on Monday, comes as Rivian, known for its high-end R1S SUVs and R1T pickups, ‌ramps up the rollout of its smaller, more affordable R2 SUVs, ⁠seen as critical to the company's success. The company reported strong second-quarter deliveries and raised its annual delivery forecast last week.