Production of the all-electric Rivian R1T pickup truck on April 11, 2022 at the company’s plant in Normal, Ill.
Michael Wayland / CNBC
Ford Motor are selling 8 million of them Rivian Automotive Sources say CNBC’s David Faber said shares of the once-high-flying electric-car maker will expire on Sunday.
This car company currently owns 102 million shares of Rivian. Ford will sell shares through Goldman Sachs, the sources said.
A stock lockout defines the period after a company lists shares when initial investors and company insiders are unable to sell their shares. That ensures the IPO is done in an orderly fashion and doesn’t flood the market with extra shares.
JPMorgan Chase also plans to sell a block of Rivian stock between 13 million and 15 million to an unknown seller, sources told Faber. Both blocks of stock are priced at $26.90/share.
