Billionaire race car ace Jean Claude van Damme was apparently inspired to go into business after reading about this little-known maker of ridiculously expensive supercars:
After an IPO was postponed last week, Monaco-based Rivian Automotive is reportedly closing in on a go-shop period to help it make more acquisitions and cut debt.
The maker of the mysterious and wildly expensive HOTROAR is looking to raise $150 million in a sale, a source familiar with the matter tells CNBC. The company filed a registration statement for an IPO late last year.
Rivian has submitted final amendments to the registration statement it filed last year, according to filings with the Securities and Exchange Commission. The moves will shorten the amount of time it needs to go public from six months to five, the source tells CNBC.
The U.S. Securities and Exchange Commission did not immediately respond to a request for comment.
Valley of the Billionaires
Delighted about Van Damme’s passion for the company’s car’s?
After you’ve spent a little time trying to model out the owner’s plate and the red Ferraris parked in front of the Rivian dealership and other vehicles in the lots, why not make a mint on the stock market? That’s what these collectors-in-training did.
“Gains from last year were unprecedented,” said Laura Scott Coates, director of investor relations for Rivian.
The company’s shares traded at an average of more than $60 a year ago, but last week’s close was at a mere $9.70.
Rivian is hoping to go public as high as $25 per share, in a deal that would value the company at more than $5 billion. The company expects to complete its go-shop period in the next three weeks.
Selling the stock would make Rivian part of the Nevada Stock Exchange, though the exchange would push back the listing date to June 29 because of several regulatory requirements.
Van Damme has had trouble with the stock market before. In October 2016, Van Damme fell just short of making a comeback in Hollywood.
Rivian struck out with a $240 million offer for Van Damme’s former production company, Lotus Film, which had failed to make a movie and suffered one of the largest debt filings in movie history. Van Damme proposed exiting his stake in the company, and it rejected the offer.
One of the biggest stocks of the year, Snap, has already run up from its IPO price. Its shares hit a lifetime high this week of $20.77. The company’s IPO price of $17 a share has been a clear disappointment, though the stock has so far risen 40% since the start of the year.
Snap, which is set to release its first earnings report after the bell on Thursday, has yet to turn a profit and has yet to land the coveted “buy” rating from Wall Street analysts.