Shares of Nio Inc – ADR (NYSE:NIO) are flat at $7.44 Thursday afternoon, following a sharp 23% rally over the past week. The upward trend stems from the company’s $1.16 billion stock sale and a powerful rally in Chinese tech. Here’s what investors need to know.
What To Know: The American depositary shares were priced at $5.57, and the offering was bolstered by underwriters exercising their full option to purchase additional shares. Nio plans to invest the new capital into research and development for its electric vehicles, expanding its battery swapping network and fortifying its balance sheet.
