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Benzinga

Business

Henry Khederian

Why Nio Stock Is Sliding Wednesday

NIO Nio Inc Benzinga Edge electric vehicle

NIO Inc.

Shares of Chinese electric vehicle maker Nio Inc – ADR (NYSE:NIO) are trading lower Wednesday afternoon following the announcement of a $1 billion equity offering.

What To Know: The company priced the offering of 181,818,190 Class A ordinary shares at $5.57 per ADS and HK$43.36 per Class A ordinary share. This move is intended to raise capital for the company’s growth and development initiatives.

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