Rivian (NASDAQ: RIVN) stock fell 12.3% in July, according to data provided by S&P Global Market Intelligence, after the electric vehicle company announced it sold an additional 75 million shares to raise new capital. Rivian's funding raise has some shareholders concernedThe company sold more than 75 million of new Rivian stock at $15.50 per share last month, which raised about $1.2 billion for the company. There's also the potential for underwriters to purchase an additional 11.25 million shares of common stock. The second thing they really didn't like is the fact that Rivian is spending so much cash that it had to issue new stock in the first place. It's not all bad news for RivianWhile the new stock sale wasn't great to see, Rivian is making some progress.