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Websites Makers

EV maker Rivian shares have record drop after convertible bond offering launched

By Chibuike Oguh and Abhirup Roy

NEW YORK (Reuters) -Shares of Rivian Automotive Inc fell by nearly 23% on Thursday, the biggest daily percentage decline since their debut in 2021, after the electric vehicle maker unveiled plans to issue $1.5 billion worth of convertible green bonds.

Irvine, California-based Rivian expects the bonds, which mature in October 2030 and can be converted to either cash or its shares, will help it to “de-risk” the launch of its R2 sports utility vehicle in Georgia, a company spokesperson told Reuters on Wednesday.

It is the second time in less than a year that Rivian is issuing such a green bond, which raises capital from investors seeking to back climate-focused projects. The company had issued a $1.3 billion convertible green bond in March to support the launch of its smaller R2 vehicle family.

Rivian’s shares fell by 22.9% to close at $18.27, a three-month low. The stock, which is down about 1% year-to-date, has now dropped 77% from its initial public offering price of $78 in November 2021.

“The raise came earlier than expected,” said Elliot Johnson, chief investment officer at Evolve ETFs, which manages over $5.2 billion in assets, including investments in EV startups such as Rivian.

“So, shipping the same number of cars, earnings are in line, they’re raising cash earlier than people thought and the cash flow could be dilutive – I think that’s a concern because it’s still seen as a speculative business,” Johnson added.

Rivian, which is backed by e-commerce giant Amazon (NASDAQ:), has been burning through cash to ramp up production and keep up with market leader Tesla (NASDAQ:) Inc, which has slashed prices. The company beat estimates in the third quarter by producing 16,304 vehicles and delivering 15,564 vehicles to customers.

It said on Monday it was

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Websites Builders

Globe continues network expansion, builds 542 new cell sites in 2H 2023

Globe continues to boost its network amid sustained demand for connectivity, building 542 new cell sites and upgrading 5,087 mobile sites to LTE across the country in the first half of the year.

Globe has also deployed approximately 148,000 fiber-to-the-home (FTTH) lines as of June 2023, lower than in the same period last year as it continues to optimize its existing fiber inventory.

From January to June 2023, Globe invested PHP37.7 billion in capital expenditure primarily for infrastructure development, a figure expected to increase to PHP71.5 billion or US$1.3 billion by yearend. A significant 90% of this budget supports growing data requirements of Filipinos for learning, earning and leisure activities.

“We employ a targeted way of prioritizing network rollouts and optimizations in areas that matter, hence, we are able to sustain our most reliable network. We also believe that network reliability—  a metric that is difficult to achieve— is more important than just speed because, on a small screen, there’s just so much that higher speeds can deliver in terms of improving the actual perceptible experience. What matters most is that customers benefit from reliable service when and where they need it. Hence, we invest more in reliability versus just speed,” Darius Delgado, the Head of Globe Consumer Mobile Business.

Globe’s relentless pursuit of network excellence has earned it the title of “Most Reliable Mobile Network in the Philippines” by Ookla® five times in a row, based on analysis of Speedtest Intelligence® data from Q2 2022 through Q4 2022, and Q1 2023 and Q2 2023.

Globe has outperformed its competitors, achieving the highest consistency scores since the second quarter of 2022. It has also been recognized as the “Most Available All Technology” mobile network, a testament to its widespread reach and accessibility.

Standard Insights has also cited Globe

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