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Investing.com -- NIO Inc (NYSE:NIO) shares dropped over 8% in premarket trading on Wednesday after the Chinese electric vehicle maker announced plans for a new equity offering.
The Shanghai-based company said it will offer approximately 182 million Class A ordinary shares. NIO also plans to grant underwriters a 30-day option to purchase up to an additional 27 million depositary receipts.
According to the announcement, NIO intends to use the net proceeds from the offering for several purposes, including investments in research and development, expansion of its battery swapping and charging networks, strengthening its balance sheet, and general corporate purposes.
The underwriters for the proposed equity offering include Morgan Stanley Asia Limited, UBS Securities LLC, UBS AG Hong Kong Branch, and Deutsche Bank AG, Hong Kong Branch.
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