Why NIO Stock Is Lower Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading lower on Wednesday, as the market continued to digest the details of the company's recent secondary stock offering. As of 1:00 p.m. EDT, NIO's American depositary shares were down about 3.6% from Tuesday's closing price.
NIO said on Monday that it had sold 88.5 million new American depositary shares at $17 each, raising roughly $1.5 billion. That was a larger offering than it had initially planned, which seemed bullish, but the price was below market: NIO had closed at $18.50 on Friday.
NIO expects to begin deliveries of its new EC6 this month. Image source: NIO.
Source Fool.com
