NIO to Offer 60 Million New Shares to Raise Cash for China Deal
Chinese electric-vehicle maker NIO (NYSE: NIO) said that it will offer 60 million new American depositary shares, each representing one share of NIO's common stock, as it moves to raise additional funds for its operating in China.
Morgan Stanley, Credit Suisse, and China International Capital Corporation are underwriting the new offering. The underwriters will have a 30-day option to purchase up to 9 million additional American depositary shares, NIO said.
NIO will use proceeds of the offering to fund its cash investments in "NIO China", a new entity created as part of a financing deal with economic-development authorities in China's Anhui province, as well as for other corporate purposes, the company said in a series of regulatory filings.
Source Fool.com
