Why NIO Stock Is Trading Lower Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading lower on Monday, after the company said that a planned secondary stock offering had priced below Friday's closing price.
As of 10:15 a.m. EST, NIO's American depositary shares were down about 4% from Friday's closing price.
NIO said on Monday morning that its planned secondary offering has priced at $39 per share. That's a discount of 7.1% from Friday's closing price of $41.98, suggesting that the banks underwriting the offering needed to offer clients a bit of a discount to move the shares.
Source Fool.com
