Rivian Automotive Raises $1.5 Billion in Convertible Debt Offering for "Green" Expansion

Rivian Automotive announced it will offer $1.5 billion of convertible senior notes to investors that can be converted to Rivian common stock in the future. Rivian plans to use the funds from the convertible debt offering to finance eligible "green" projects like expanding its production facilities and operations. Rivian reported preliminary third quarter revenue that was in line with analyst expectations, coming in between $1.29 billion to $1.33 billion.