(NYSE: NIO) stock is crashing today. American depositary shares (ADS) of the Chinese electric vehicle (EV) maker plunged nearly 11% after the company announced a fresh capital raise. Shares recovered some of that drop, but were still down by 9.5% as of 11:43 a.m. ET.
Nio is seeking to take advantage of a recent surge in its stock to raise $1 billion in an equity offering.
Image source: Nio.
Source Fool.com