Why NIO Stock Is Up Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading higher on Tuesday morning, after the company announced that it successfully raised over $400 million via a secondary stock offering.
As of 9:45 a.m. EDT, NIO's American depositary shares were up about 7.2% from Monday's closing price.
In a regulatory filing, NIO said that it successfully completed its offering of 72 million new American depositary shares at a price of $5.95 per share. The banks underwriting the offering, Morgan Stanley, Credit Suisse, and China International Capital Corporation, have a 30-day option to purchase up to 10.8 million more shares, the company said.
Source Fool.com
