NIO Inc. (NIO), a Chinese electric vehicle maker, on Wednesday announced that it has priced $1 billion equity offering. The company plans to offer 181.818 million class A shares, which consists of an offering of American depositary share, each representing one class A share, and an offering of class A share.
The ADSs are offered at $5.57 per ADS. The class A shares are offered at an offering price of HK$43.36 per class A share.
The company expects to close the ADS offering on or about September 11 and share offering on or about September 17. In addition, the vehicle maker has granted the underwriters in the equity offering a 30-day option to purchase up to an additional 27.272 million ADSs.
NIO plans to use the net proceeds from this offering to invest in the research and development, develop future technology platforms and vehicle models, general corporate purposes, and others.
NIO was down by 9.55% at $5.68 on the New York Stock Exchange.
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