Nio Inc (NYSE:NIO) shares are down on yet another share offering announced early Monday. NIO stock lost more than 6% during pre-market trading.
NIO Inc. (NYSE: NIO) today announced the pricing of the offering of 88,500,000 American depositary shares (the “ADSs”), each representing one Class A ordinary share of the Company , at a price of US$17.00 per ADS. The Company will grant the underwriters in the ADS Offering a 30-day option to purchase up to an additional 13,275,000 ADSs.
#Chinese EV maker #NIO $NIO, today announced the pricing of the offering of 88,500,000 American depositary shares (the “ADSs”), each representing one Class A ordinary share of the Company (the “ADS Offering”), for US$17.00 per ADS. #ElectricVehicles #ElectricCars— CNWire (@CN_wire) August 31, 2020
The Company plans to use the net proceeds from the ADS Offering mainly to increase the share capital of and the Company’s ownership in NIO China, to repurchase equity interests held by certain minority shareholders of NIO China, and for research and development in autonomous driving technologies, global market development and general corporate purposes.