Why EV Stock Arrival Is Plunging 17% Today
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.
Source Fool.com
