Rivian CFO plans to sell to up 348k RIVN stock worth $3.4 million
Rivian Chief Financial Officer (CFO) Claire McDonough plans to sell up to 348k RIVN stock worth up to $3.4 million. The sale was shared in a recent report from Barron's.
As noted by the publication, the Rivian CFO adopted a Rule 10b5-1 plan on August 16, which indicated that the executive would be selling as many as 348,813 RIVN shares. Based on Rivian stock's $10.06 per share trading price on Friday, the value of McDonough's potential RIVN selloff could be as much as $3.4 million. The plan is expected to expire on August 29, 2025.
The CFO's plans to offload her RIVN shares were disclosed in a regulatory form for Q3 2024 that was filed by Rivian with the United States Securities and Exchange Commission. Neither Rivian nor the CFO have issued a comment about the matter.
Barron's noted that these plans execute transactions automatically when preset conditions, such as the price, volume, and timing, are met. Due to their automatic nature, such plans effectively remove the appearance of bias from executives' knowledge of nonpublic information.
As noted by the publication, McDonough has not sold Rivian stock yet. Apart from this, her previous plans didn't result in her offloading the maximum amount of RIVN stock. This was highlighted in the CFO's previous plan, which was adopted on June 14, 2023 and expired on August 20, 2024.
McDonough's June 2023 plan indicated that she planned to sell as many as 279,936 shares. By the time the plan expired on August 2024, however, the CFO had only offloaded 15,896 shares for a total of $259,100 at about $16.30 each.
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