NIO Inc. (NYSE:NIO) shares fell sharply on Wednesday after the Chinese electric vehicle maker unveiled plans to raise fresh capital through a sizable equity offering.
The company announced it will issue up to 181.8 million Class A ordinary shares, split between American depositary shares (ADS), each representing one ordinary share, and direct ordinary share offerings, with final allocations determined by investor demand. Underwriters were granted a 30-day option to purchase an additional 27.3 million ADSs.
