Why NIO Stock Was Trading Lower Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading lower on Friday after the company said that it will issue 75 million new shares to raise about $1.5 billion.
As of 11:30 a.m. EDT, NIO's American depositary shares were down about 3% from Thursday's closing price.
NIO said that it will offer 75 million new American depositary shares next week, but while its plans for the proceeds are arguably bullish, they're a little complicated.
Source Fool.com