On Wednesday, Rivian Automotive fell in post-market trading after the electric vehicle maker announced it would be issuing $1.5 billion in convertible debt, and reported preliminary estimates of its revenue for the third quarter.

After the disclosure, shares of Rivian dropped by as much as 9.2% to $21.50 in regular trading. As of the close on Wednesday, shares had risen by about 29% for the year.

In a securities filing the company, based out of Irvine, California, said that it was preparing to offer green convertible notes which would be due in 2030 to private institutional buyers as a private offering. Purchasers would be offered an option to purchase an additional $225 million in notes.

Rivian also revealed that it forecasted revenue for the third quarter to come in within a range of $1.29 billion to $1.33 billion, compared to a $1.33 billion consensus estimate produced by a survey of analysts by Bloomberg.

The issuance of bonds which could dilute the interests of current shareholders arrives after a disappointing issuance of guidance this week in which the company forecast a full-year production of 52,000 battery-electric vehicles for 2023.

The automaker manufactures two models for consumers, as well as a plug-in delivery van used by Amazo.com Inc, which is the company’s largest shareholder. Although the company is a leading competitor seeking to compete with market-leader Tesla Inc., the company has struggled with supply-chain challenges and a slow growth rate since its initial public offering in November 2021.

The company will release official third quarter financial results on November 7th.