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Rivian Automotive shares could flood the market as the period after the IPO blockade for electric vehicle manufacturers expires on Sunday.
Ford is reportedly one of the companies that will sell part of its stake, Seeking Alpha reported, citing a CNBC report.
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Ford plans to put out 8 million of its 102 million shares, the report said.
Shares of Rivian Automotive fell since a successful initial public offering in November.
Rivian went public on Nov. 10 at a price of $ 78 per share. Shares rose as much as $ 179 a few days later.
AMAZON-SUPPORTED RIVIAN SHARES JUMP TO IPO DEBUT
Shares recently closed at $ 28.79, down 84% from a high.
The report further states that another unnamed investor will sell 13 to 15 million shares.
| Ticker | Security | Last | To change | Change% |
|---|---|---|---|---|
| RIVN | RIVIAN AUTOMOTIVE INC. | 28.79 | -1.92 | -6.25% |
| F | FORD MOTOR CO. | 14.21 | -0.32 | -2.20% |
Ford reported a net loss of $ 3.1 billion in the first quarter, driven by a large loss in estimating its stake in Rivian.
Ford said it suffered a loss of $ 5.4 billion on its investment.
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Amazon reported its first quarterly loss since 2015, with much of the red ink coming mostly from the company’s account due to a loss of $ 7.6 billion worth of investment in Rivian shares.