Why NIO Stock Is Down Today
NIO's (NYSE: NIO) stock opened lower on Friday, after the Chinese electric-vehicle maker said that it will issue at least 60 million shares in a new offering next week.
As of 10:30 a.m. EST, NIO's American depositary shares were down about 4.9% from Thursday's closing price.
NIO said that it will sell up to 69 million new American depositary shares, raising as much as $2.8 billion, in an offering that is expected to hit the market next week. The company plans to use the new cash for a variety of corporate purposes, including new-product development, the development of self-driving technologies, and to expand its sales and service network.
Source Fool.com
