Ford Motor Company (NYSE:F) confirmed that it sold 8M shares of Rivian Automotive (NASDAQ:RIVN) at $26.80 per share to bring in a total of $214M in proceeds.
The sale was just a tiny sliver of Ford’s total position, which is still just under 94M shares to rep a 10.5% stake in Rivian.
Ford (F) sold near the low end of RIVN’s 52-week trading range of $21.00 to $179.47. It is unknown if Ford (F) will continue to sell off its position in Rivian (RIVN) or hold for the long term. Amazon is also a key investor.
Rivian Automotive (RIVN) is on Seeking Alpha’s Catalyst Watch this week due to the IPO lockup period expiration and earnings report.
Shares of Rivian Automotive (RIVN) moved up 2.11% premarket on Wednesday with the electric vehicle maker’s earnings report scheduled for after the market closes.