Ford is selling 8 million Rivian shares, sources say
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Electric Rivian R1T pickup trucks will be produced at the plant of the company in Normal, Ill.
Michael Wayland / CNBC
Ford Motor8 Million of his products are being sold Rivian AutomotiveShares, and the lockup by insiders for stock of once-highly successful electric vehicle manufacturer is due to expire Sunday, according sources.
Rivian currently holds 102 million shares. According to sources, Ford will sell shares through Goldman Sachs.
The lockup defines a period of time after a company has gone public when early investors and company insiders cannot sell their shares. It ensures that the IPO takes place in a timely manner, and doesn’t flood the market.
Sources told Faber that JPMorgan Chase plans to also sell a Rivian block of shares ranging from 13 million to 15 million, for an unidentified seller. Each block of stock is priced at $26.90 per share.
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