Shares of electric vehicle startup Rivian Automotive, Inc. (NASDAQ:RIVN) plunged in premarket trading on Thursday.

The slide stemmed from an announcement that the company plans to offer green convertible senior notes worth $1.5 billion due in 2030 through a private offering to qualified institutional buyers. The debt offering, though not having a dilutive impact on the stock, will likely trigger liquidity concerns.

Rivian went on to say that not counting the proceeds from the proposed debt offering, it has a cash runway that could see it through 2024.

The company also pre-announced third-quarter revenue of $1.29 billion to $1.33 billion, surrounding the consensus estimate of $1.3 billion.

This compares to the year-ago revenue of $551.57 million. If the revenue comes in at the low end, there is a possibility of the company underperforming relative to expectations.

Rivian recently reported estimate-beating production and deliveries of 16,304 and 15,564 units, respectively, for the third quarter and also reaffirmed its full-year production guidance of 52,000 units.

In premarket trading, Rivian shed 8.61% to $21.65, according to Benzinga Pro data.

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