Shares of Israeli-based electric vehicle (EV) technology company Ree Automotive (NASDAQ: REE) sank Tuesday as the company filed for a major common-share sale. As of 3 p.m. EDT today, Ree shares were tumbling 35%.
Ree Automotive began trading publicly in July 2021 after merging with a special purpose acquisition company (SPAC) . Ree designs and manufactures mobility platforms for EVs and offers several different models for EV companies to build their models based on Ree's platforms.
Like many EV start-ups recently going public through SPACs, Ree's shares have been sliding since its public debut, down about 10% prior to today's session. Ree initially raised about $285 million on the deal, but investors are running scared today after the company said in a Securities and Exchange Commission filing that early shareholders plan to sell up to 30 million shares.
For further details see:
Why This Electric Vehicle Stock Crashed 35% Today