India, July 7 -- Rivian Automotive, Inc. (RIVN) stock fell 13.20 percent to $17.48, down $2.66 on Tuesday, from its previous close of $20.14, possibly after the electric vehicle maker announced a public offering of 75 million shares of common stock yesterday.
The stock opened at $17.67 and traded between $17.22 and $18.09 during the session on the Nasdaq. Trading volume reached 23.39 million shares, compared with an average daily volume of 30.84 million shares.
The company said it intends to use the proceeds for general corporate purposes, including funding equity contributions related to its amended loan arrangement with the U.S. Department of Energy.
Rivian's shares have traded between $11.57 and $22.69 over the past 52 weeks.
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