Rivian Automotive announced on Wednesday that it plans to raise $1.5 billion through a private offering of convertible notes. The company revealed that based on its preliminary results for the third quarter, it expects to have enough cash and equivalents to sustain its operations until 2025. Despite this positive news, Rivian’s shares experienced a 7% drop to $22.04 after the market closed.
BlackBerry to Separate Into Two Businesses
BlackBerry has decided to split into two distinct businesses, with the aim of launching an initial public offering (IPO) for its IoT (Internet of Things) division in the first half of the upcoming fiscal year. This separation is expected to enable investors to better evaluate the potential of BlackBerry’s core business. Following this announcement, the company’s shares climbed by 4.2% to $4.45 after regular trading hours.
Cambium Networks Lowers Revenue Expectations for Q3
Wireless infrastructure provider Cambium Networks has revised its third-quarter revenue projections downwards due to various challenges. These challenges include delays in government contracts, reduced orders from enterprise distributors, and economic headwinds impacting the company’s performance. Consequently, Cambium Networks witnessed a decline of almost 12% in its shares, settling at $6.99 after the market closed.