secwatch.observer — SEC 8-K summary
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Issuer:     Rivian Automotive, Inc. / DE (RIVN)
CIK:        0001874178
Form:       8-K
Filed at:   2024-06-25T23:59:59+00:00
Accession:  0001193125-24-167944
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Rivian to receive up to $5B from Volkswagen Group; $1B convertible note issued
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- Issued $1B convertible promissory note at 4.75% to Volkswagen subsidiary; converts automatically to Rivian stock upon conditions.
- Partnership aims to form equally controlled JV for next-gen electrical architecture and software by Q4 2024.
- Additional $4B contingent on definitive agreements, milestones, and regulatory approvals: $2B equity in 2025/2026, $2B JV-related.
- Conversion prices: half at $10.8359/share (30-day VWAP), half at 45-day VWAP prior to conversion date.
- Note matures 2 years after closing; prepayment options if conversion conditions not met within one year.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1874178/000119312524167944/0001193125-24-167944-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1874178/000119312524167944/d833726d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-167944

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer