Rivian Stock Drops After the EV Start-Up Announced Plans to Raise $1.3 Billion

Electric truck start-up


Rivian Automotive


is getting into convertibles? Well, yes—but not the kind of convertibles car buyers think of when they hear the word.

Rivian (ticker: RIVN) is raising more cash. Investors aren’t too pleased. Monday evening, the EV maker announced plans to raise about $1.3 billion in green convertible senior notes that will mature in 2029.