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Bionano Genomics, Inc. is a genomics company, which provides optical genome mapping (OGM) for genome analysis. The Company offers diagnostic services to physicians specializing in medical management for individuals with genetic conditions, such as pediatric neurodevelopmental disorders, including autism spectrum disorders. It markets and sell the Saphyr system, which delivers OGM data to enable ultra-sensitive and ultra-specific detection of all classes of structural variation. Its Lineagen business provides diagnostic testing for patients with clinical presentations consistent with autism spectrum disorder and other neurodevelopmental disabilities. Through its BioDiscovery business, it offers a platform-agnostic software solution, which integrates sequencing and microarray data designed to provide analysis, visualization, interpretation and reporting of copy number variants, single-nucleotide variants and absence of heterozygosity across the genome in one consolidated view.

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Rivian stock dives into record-low territory after Ford disclosed it sold more than $200 million worth of shares

2:57 pm ET May 11, 2022 (MarketWatch)

By Tomi Kilgore

Ford's sale of 8 million Rivian shares appears to have all been conducted in premarket trading, before 6:18 a.m. Eastern

Ford Motor Co. showed how the early bird gets the worm, as the automaker would have raised a lot less from the sale of Rivian Automotive Inc. shares if it waited for the opening bell to start selling.

Rivian shares (RIVN) tumbled 12.6% in afternoon trading Tuesday toward their lowest-ever close, ahead of the electric vehicle maker's first-quarter report due out after the close. Ford's stock (F) shed 2.4%.

Ford disclosed in a Form 4 filing late Tuesday that it sold 8 million of the electric vehicle maker's shares in the open market on May 9, at a price of $26.80, to raise $214.4 million.

Rivian's stock had tumbled 20.9% to a then-record low of $22.78 on May 9, after CNBC had reported over the weekend that Ford was planning to sell 8 million Rivian shares, as the lockup agreement expired on Sunday. The lockup agreement had required pre-initial-public-offering investors to not sell any shares for at least 180 days.

The stock opened the May 9 regular session at $25.00, and traded in a range of $22.45 to $25.83 before closing at $22.78. The only time that the stock traded at or above $26.80 that day was before 6:18 a.m. Eastern, according to 1-minute trading data provided by FactSet.

Basically, Ford had to start selling as soon as Rivian's shares started trading in Monday's premarket session.

The volume-weighted average price (VWAP) of Rivian's stock during regular-session hours was $24.434, according to a MarketWatch analysis of FactSet data. If Ford sold its Rivian shares at that price, it would have raised $195.47 million, or $18.9 million less than it actually raised.

Ford's sale represented 7.85% of its total stake in Rivian, as the Form 4 filing showed that Ford still owned 93.95 million Class A shares, or about 10.5% of the Class A shares outstanding.

With Rivian's stock falling to $19.92 in recent trading, Ford's remaining holding has lost $646.36 million in value since it last traded where Ford sold its 8 million shares.

In Ford's first-quarter report out in late April, the automaker said it recorded a $5.4 billion unrealized loss on its Rivian equity investment, after recording a gain of $8.2 billion in the fourth quarter.

Rivian is slated to report first-quarter results after Wednesday's closing bell, with analysts expecting, on average, a per-share loss of $1.41 and revenue of $132.7 million, according to FactSet. The company has reported much-wider-than-expected loss in the two previous quarterly reports released since Rivian went public in November 2021.

Rivian shares have plunged 80.8% year to date and Ford's stock has tumbled 37.3%, while the S&P 500 index has lost 16.6%.

-Tomi Kilgore


(END) Dow Jones Newswires

May 11, 2022 14:57 ET (18:57 GMT)

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