Preorder Share Purchase Issue

[Chgroth]

Hello, I am wondering if other preorder customers who were interested in purchasing shares at the IPO price had the same problem as I did. This message might be worth sharing with the forum as I suspect I am not the only one affected. Here’s the situation:

I had gone through the process of setting up my Morgan Stanley account, selecting the number of shares I wanted to buy and linking my MS account to my bank account that had the funds in it to make the purchase. All that was required was to confirm my share allocation once an email was sent after the IPO was priced. Turns out that email came at 9:53 pm on Tuesday night with the notification that share allocation confirmation was required before 7 am the next day. I did not see that email until after the cutoff time and missed out on the sale. Maybe I should have stayed glued to my email, but I feel that the email with the green light to confirm allocations should have come earlier, particularly in light of those of us in the eastern time zone.

I spoke with Rivian, who said they have received similar stories as mine so I a wonder how systemic my experience has been.

carl

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[LoneStar]

Just for reference, I got the 'Confirm Shares' email at 6:36 PM PST. So 9:36 PM Eastern.

 

[CommodoreAmiga]

I told my wife that I needed to stay near a device and internet connectivity from 6p-midnight and I checked my email every few minutes. I basically made an evening out of it and it was exciting. Got the email at just after 9:30p and had no problem logging in and confirming. Overall, a fun and pleasant experience.

I do understand and empathize with your frustration. Ultimately this was a special opportunity and it did require some commitment and effort from the participant. If you waited until the next morning then that was a risk, imo. I was of the opposite mindset and wanted to take action as soon as I could, to mitigate risk of an outage or services going down from high demand — give myself the most time (still not a lot) to try to get through.

 

[Dark-Fx]

They originally said the deadline to confirm was before midnight. Someone had posted they changed the deadline to 7am before I went to bed but before I received the e-mail to confirm. I woke up a bit before 7am and confirmed my shares from the e-mail that indeed stated the deadline was 7am.

Sucks if you weren't able to get in, but following their original timeline would have been possible since it seems like all the emails were sent out at least 2 hours before the original deadline.

 

[MIG]

Hello, I am wondering if other preorder customers who were interested in purchasing shares at the IPO price had the same problem as I did. This message might be worth sharing with the forum as I suspect I am not the only one affected. Here’s the situation:

I had gone through the process of setting up my Morgan Stanley account, selecting the number of shares I wanted to buy and linking my MS account to my bank account that had the funds in it to make the purchase. All that was required was to confirm my share allocation once an email was sent after the IPO was priced. Turns out that email came at 9:53 pm on Tuesday night with the notification that share allocation confirmation was required before 7 am the next day. I did not see that email until after the cutoff time and missed out on the sale. Maybe I should have stayed glued to my email, but I feel that the email with the green light to confirm allocations should have come earlier, particularly in light of those of us in the eastern time zone.

I spoke with Rivian, who said they have received similar stories as mine so I a wonder how systemic my experience has been.

carl

The November 2 email laid out the timing. In the end there were some delays but I knew that if I missed the boat on the 9th it was leaving without me. Language below, boldface from original email.


To participate

• Completing the online application does not obligate you to purchase shares in the Program nor does it guarantee you shares to purchase.
• If you are interested in particpating in this program click the button "Learn More & Apply" below and complete the application by November 07, 2021, 11:59 p.m. Eastern Time. This is a personalized link and cannot be shared.
• Confirm your shares by November 09, 2021, 11:59 p.m. Eastern Time, which is the expected night of IPO pricing. You will receive an email notice as soon as the pricing confirmation window opens. If you do not confirm by the deadline, your indication of interest will be cancelled, and no shares will be allocated to you.

Important dates

• Application Deadline: November 07, 2021, 11:59 p.m. Eastern Time
• Expected Pricing Date: November 09, 2021 after 5:00 p.m. Eastern Time
• Expected Confirmation Deadline: November 09, 2021, 11:59 p.m. Eastern Time

 

[Sdvictor]

The November 2 email laid out the timing. In the end there were some delays but I knew that if I missed the boat on the 9th it was leaving without me.

I think this is the key point. They provided. Ample warning that this is going to be the only window where you can confirm purchase. If you miss the boat you miss the boat

 

[Chgroth]

Thanks for the input. You are correct about the original window being 11:59 pm. My fault about not keeping tabs on the email. The fact that it was sent late was the reason they extended the deadline to 7 the next morning. Wished they would have sent it earlier though given pricing was completed by 5pm eastern time. But as one of you said, you miss the boat, you miss the boat. I clearly missed the boat. Best of luck with you investment. I see it is having another stellar day.

 

[LordUlhtred]

Thanks for the input. You are correct about the original window being 11:59 pm. My fault about not keeping tabs on the email. The fact that it was sent late was the reason they extended the deadline to 7 the next morning. Wished they would have sent it earlier though given pricing was completed by 5pm eastern time. But as one of you said, you miss the boat, you miss the boat. I clearly missed the boat. Best of luck with you investment. I see it is having another stellar day.

BTW, if you believe in the company, you can always buy their stock and if you feel like the current valuation is too high, maybe just wait for it to drop a bit and get in the action.

stock market’s daily ups and downs should not influence your decision to invest in a given company, if we look at it with a longer time horizon.

 

[Monkey]

This IPO was a bit crazy. But the final pricing and info wasn’t determined until the 11th hour as Rivian kept revising their valuation. The timing was laid out in the emails, but final pricing was to be set after 5:00PM and we were supposed to have the invite to confirm our shares by 6:00PM, with the deadline being midnight. All Eastern time. The invite emails went out over 3 hours late, so the deadline was extended to 7AM. That’s really all there was to it….

If you missed it, that’s a bummer I suppose. But it’s not like anyone was making a huge purchase via the DSP as it was limited to 175 shares. And for any who want to own shares, just go buy some. It’s still pretty volatile at the moment being new. Although has been hovering between 120 and 125 since opening today.

 

[Chgroth]

Agree there will be buying opportunities but now is not the time (I missed the first one for sure). However I did think the valuation at $78 was a bit optimistic. Actual production rates are a fraction of what is being represented as full capacity (150k per year expected by 2024). I’ve read that the 50 thousand pre-orders will not be completely filled until the end of 2023. I am having a hard time understanding the length of time to deliver all of the preorders. Maybe because I am getting impatient waiting for the R1S I preordered in 2019.

I’m a big believer in Rivian, RJ and the team, having met him and some of the engineers at one of their events. The R1S is right down my alley so excited about their future.

I expect the hype buying will settle down. As with any start up, there will be hiccups and I expect the price will go down. I’ll be watching for those opportunities.

 

[Dark-Fx]

Agree there will be buying opportunities but now is not the time (I missed the first one for sure). However I did think the valuation at $78 was a bit optimistic. Actual production rates are a fraction of what is being represented as full capacity (150k per year expected by 2024). I’ve read that the 50 thousand pre-orders will not be completely filled until the end of 2023. I am having a hard time understanding the length of time to deliver all of the preorders. Maybe because I am getting impatient waiting for the R1S I preordered in 2019.

I’m a big believer in Rivian, RJ and the team, having met him and some of the engineers at one of their events. The R1S is right down my alley so excited about their future.

I expect the hype buying will settle down. As with any start up, there will be hiccups and I expect the price will go down. I’ll be watching for those opportunities.

I honestly would be surprised if RIVN finishes under $90/share in the next year unless the entire market shits the bed.

 

[Chgroth]

We should all be holding dry powder when that happens so we can take advantage….

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