Why Li Auto Shares Are Dropping Today
Even after reporting strong November sales data, Li Auto (NASDAQ: LI) saw its shares drop more than 10% today before recovering some. The stock was down about 4%, as of 10 a.m. EST Wednesday.
While sales-growth momentum continues for the electric-vehicle (EV) maker, a subsequent announcement that the company is seeking to raise capital with a stock offering is hitting the American depositary shares this morning.
Li Auto announced it is selling 47 million American depositary shares to raise funds to grow its business through research and development.
Source Fool.com
