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Rivian closes $2.5B investment round – Green Car Congress

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Rivian has closed an investment round of $2.5 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc. Rivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications including the company’s adventure products as well as B2B products such as the Amazon last-mile delivery vans.

The Rivian R1T pickup. Photo credit: Jeff Johnson.


Rivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications including the company’s adventure products as well as B2B products such as the Amazon last mile delivery vans.

Participants in this investment round include Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group. Existing shareholders Amazon and funds managed by BlackRock also participated.

We are focused on the launch of our R1T, R1S and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products.

—Rivian Founder and CEO RJ Scaringe

No new board seats have been added, and additional details about this investment are not being disclosed at this time. The investment announcement is Rivian’s first in 2020. In 2019:

  • In February, Rivian announced a $700 million funding round led by Amazon.

  • In April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a future program.

  • In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service.

  • In late September, Rivian announced it was developing an electric delivery van for Amazon utilizing Rivian’s skateboard platform and that 100,000 of these vans had been ordered with deliveries starting in 2021.

  • In December, Rivian closed an investment round of $1.3 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc. with additional participation from Amazon, Ford Motor Company and funds managed by BlackRock.

Rivian’s launch products, the R1T and R1S, deliver up to 400+ miles of range and provide a combination of performance, off-road capability and utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin in 2021.

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Ridgewood Canadian Investment Grade Bond Fund Announces Private Placement – Canada NewsWire

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./

TORONTO, Aug. 10, 2020 /CNW/ – (TSX: RIB.UN) Ridgewood Capital Asset Management Inc. is pleased to announce that Ridgewood Canadian Investment Grade Bond Fund (the “Fund”) is undertaking a private placement of 510,790 units of the Fund (the “Units”) at a price of $16.00 per Unit, for gross proceeds of approximately $8.2 million (the “Offering”). The offering price of the Units is not dilutive to existing unitholders of the Fund. Closing of the Offering is expected to take place on or about August 13, 2020.

The net proceeds of the Offering will be used in furtherance of the Fund’s investment objectives, strategies and guidelines. The Units sold pursuant to the Offering will be subject to resale restrictions under applicable securities laws. The Offering is subject to the approval of the Toronto Stock Exchange.

About Ridgewood Capital Asset Management Inc.

Ridgewood Capital Asset Management Inc. is an independent investment manager that manages approximately $1.25 billion in assets for a diversified client base of high net worth individuals, foundations/endowments, First Nation mandates and institutional accounts, of which approximately $975 million is invested in fixed income assets.

Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events are not statements of historical fact and may be forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from those reflected in the forward-looking statements, including as a result of changes in the general economic or political environment, investor interest, change in applicable legislation and the performance of the Fund. Accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and neither Ridgewood Capital Asset Management Inc. nor the Fund undertakes any obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information. Investment funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There is no assurance that the Fund will be able to achieve its distribution and capital preservation objectives or that the full amount of a unitholders investment in the Fund will be returned.

SOURCE Ridgewood Canadian Investment Grade Bond Fund

For further information: For further information regarding the Fund, please visit the Ridgewood Capital Asset Management Inc. website at www.ridgewoodcapital.ca or contact John H. Simpson, CFA, Managing Director, at 416-479-2751.

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MGM Resorts shares rise after $1-billion investment from Barry Diller’s IAC – The Globe and Mail

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Barry Diller’s IAC/InterActive Corp said on Monday it has bought a 12 per cent stake in MGM Resorts International for about $1 billion (£764 million), sending the casino operator’s shares soaring 14 per cent.

The investment comes at a time when the gambling industry has been ravaged by government restrictions on movement due to the COVID-19 pandemic, as well as fears about public gatherings.

MGM reported a 91 per cent fall in revenue in the latest reported quarter and has slashed its dividend to weather the impact of the health crisis on its financials. Shares of the company have sunk more than 35 per cent this year.

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MGM’s online gaming business, which currently constitutes a tiny portion of its revenue, was what initially attracted Diller, the billionaire told shareholders in a letter.

“MGM presented a “once in a decade” opportunity for IAC to own a meaningful piece of a preeminent brand in a large category with great potential to move online.”

Diller added he has followed the online gaming space for a while, looking for an opportunity to enter the $450 billion global industry.

IAC has a history of building businesses and later splitting them into separate companies – travel site Expedia Group Inc and ticket booking site Ticketmaster are some examples.

Shares of IAC, which recently completed separation of Match Group into a separate company, fell about 1 per cent after the news.

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Canada and Ontario invest in sustainable public transit and active transportation infrastructure for Kingston residents – Government of Ontario News

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“Investing in modern and accessible public transportation systems allows Canadians to get around in faster, cheaper and cleaner ways. The investment in an expanded network of cycling lanes, multi-use paths, and new buses will improve the quality of lives for residents, get cars off the road and help make Kingston’s transit system more sustainable. Canada’s infrastructure plan invests in thousands of projects, creates jobs across the country and builds stronger communities.”

The Honourable Catherine McKenna

Minister of Infrastructure and Communities

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