Rivian Automotive Inc. (RIVN) shares cratered𝓰 Thursday after the electric vehicle (EV) manufacturer announced a $1.5 billion dollar "green" bond offering.

The maker of the R1T pickup and R1S SUV said Wednesday that it would offer the 澳洲幸运5官方开奖结果体彩网:convertible senior notes due in 2030 to qualified institutional buyers.

Rivian added that it expects the initial investors will have the option to purchase up to an additional $225 million worth of notes. The company said that the 澳洲幸运5官方开奖结果体彩网:interest rate, initial conversion rate, and other terms of the notes wil💜l be determined at the pricing of 🅺the offering.

The company said it planned🦂 to use the money to finance, ꦏrefinance, or make direct investments in one or more new or recently completed “green” energy projects.

Rivian also reported that it expects revenue for the quarter ended Sept. 30 will be in the range of $1.29 billion and $1.33 billion, up from $540 million in the same quarter in 2022. Analysts had expected $1.31 billion. The company noted that ♊the gain was primarily ♛attributable to an increase in deliveries.

At midday Thursday, shares of Rivian Automotive h🏅ad lost about 20% of their value, but even with that drop, they remained higher for 2023.