Shares of Rivian closed around 18% lower at $16.49 on Tuesday. The offering, announced on Monday, comes as Rivian, known for its high-end R1S SUVs and R1T pickups, ramps up the rollout of its smaller, more affordable R2 SUVs, seen as critical to the company's success. The company reported strong second-quarter deliveries and raised its annual delivery forecast last week.