Rivian Automotive stock plunged more than 10% during early trading on Tuesday after the electric vehicle maker announced a public offering of 75 million shares of its Class A common stock.

The capital raise occurred during extended hours trading after Rivian shares rose 8.1% on Monday. The stock also increased 19% last week.

Based on Monday's close of $20.14 per share, Rivian would raise roughly $1.51 billion with the offering. Rivian ​said in a filing that it plans to use the proceeds ​to fund equity contributions as part of a loan ⁠agreement with the U.S. Department of Energy.

Rivian said in the public filing that it intended to grant underwriters an option for a period of 30 days to purchase up to an additional 11.25 million shares.