Nio Inc (NIO)

[Scrapiron]

Nio files to sell up to $2B worth of shares in at-the-market equity offering...


Nio (NYSE:NIO) says it filed to sell up to $2B worth of ADSs through an at-the-market equity offering program.
The electric vehicle company entered into an equity distribution agreement with the sales agents relating to the at-the-market offering. Sales of the ADSs under the at-the-market offering will be made from time to time or not at all, at Nio's discretion. Sales may be made at market prices prevailing at the time of sale or at negotiated prices.
Nio plans to use the proceeds from the at-the-market offering to further strengthen its balance sheet, as well as for general corporate purposes.
Shares of Nio are down 2.88% in AH trading to $39.43.
There are about 1.64B shares outstanding on Nio (NIO). The public owned about 51% of Nio before the ATM offering.