NIO Plans to Provide 75 Million ADSs, Targets $1.5 Bln to 1.7 Bln

(Supply: NIO)

Shanghai-based sensible electrical automobile maker NIO (NYSE: NIO) introduced on Aug. 27 that it plans to supply extra 75 million American depositary shares (ADSs) and grant the underwriters a 30-day choice to buy an extra of 11.25 million ADSs, in accordance with a press launch.

The underwriters of the ADS providing embody Morgan Stanley & Co. LLC, China Worldwide Capital Company Hong Kong Securities Restricted, and BofA Securities, Inc, in accordance with Enterprise Insider.

The raised quantity will likely be primarily used to extend its share capital of NIO China, repurchase fairness curiosity held by few shareholders of NIO China, analysis and growth in autonomous driving know-how, and broaden the worldwide market, Enterprise Insider reported.

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The corporate mentioned in its submitting that the entire financing quantity is between $1.497 billion and $1.722 billion.

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