“Ford Motor” sells 8 million of its shares in the “Rivian” Automotive Company, and the sale will be made through Goldman Sachs; Ford currently owns 102 million shares in the electric vehicle manufacturer.
The closing period for insiders is scheduled to end on Sunday, sources told CNBC, and the closure sets a certain period of time following the company’s public offering when the first investors and insiders in the company are unable to sell their shares, and this ensures the implementation of the subscription in an orderly manner and not dumping Market with additional shares.
JPMorgan Chase also plans to sell a block of shares in Rivian between $13 million and $15 million, with the shares priced at $26.90 per share.
Rivian shares fell by more than 50% in the first three months of 2022, reversing its trajectory since the fourth quarter, following having maintained since its first appearance in the stock market and witnessed an increase in its value.
It said in March that it expects to produce 25,000 electric trucks and SUVs this year, as start-ups face supply chain disruptions and internal production hurdles, and those forecasts were released last year as part of a roadshow for the public offering to investors.
