By Ben Glickman
Rivian Automotive said Wednesday it would offer $1.5 billion in convertible notes in a private offering. The company said based on preliminary third-quarter results that it expected its cash and equivalents at the end of the third quarter to fund operations through 2025. Shares fall 7% to $22.04 after-hours.
BlackBerry said it would split into two separate businesses, targeting an initial public offering for its IoT business in the first half of the next fiscal year. The company said the separation would allow investors to better assess the potential of its core business. Shares rise 4.2% to $4.45 after-hours.
Cambium Networks now anticipates third-quarter revenue lower than its previous guidance. The wireless infrastructure company said delays with government contracts, fewer orders from enterprise distributors and economic headwinds dented results. Shares fall nearly 12% to $6.99 after-hours.
Write to Ben Glickman at [email protected]
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