Is NIO's Secondary Stock Offering Bullish?
Chinese electric-vehicle maker NIO (NYSE: NIO) said this morning it sold 88.5 million new American depositary shares, about 20% more than planned, at $17 each amid intense investor demand for EV stocks.
The offering was priced at a discount. NIO's shares had closed at $19.88 on Friday.
NIO's offering raised about $1.5 billion, a number that could increase if the banks underwriting the offering exercise an option to purchase an additional 13.3 million shares within 30 days.
Source Fool.com