Electric vehicle (EV) stock Arrival (NASDAQ: ARVL) plunged on Wednesday, losing 17.4% in value as of 11:20 a.m. EST. Barely a week after announcing an expectedly weak outlook for 2022 , the company dropped another bomb today that has made investors really nervous.
This morning, Arrival announced the commencement of sale of 25 million shares in a secondary offering with an option for underwriters to buy another 3.75 million shares. Arrival is also issuing $200 million worth of green convertible senior notes due 2026.
At Arrival stock's closing price on Nov. 15, the share sale amounted to roughly $331 million.
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Why EV Stock Arrival Is Plunging 17% Today