Rivian's (NASDAQ: RIVN) stock price fell 23% on Oct. 5 -- its biggest one-day decline since its initial public offering (IPO) in November 2021 -- after the company announced a $1.5 billion convertible debt offering and reported preliminary third-quarter numbers.

The sell-off was a bit puzzling. Investors seemed to dislike the debt offering since the company already has billions in cash on the books. The other issue that led to the sell-off was Rivian's reveal that its cash and short-term investments balance declined from $10.2 billion at the end of the second quarter to $9.1 billion at the end of the third quarter. Rivian also said third-quarter revenue came in at $1.29 billion to $1.33 billion, up 143% from the quarter a year ago.

Image source: Rivian.

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Source Fool.com