NIO Inc NIO is trading lower Wednesday after the company announced an at-the-market offering to sell up to $2 billion of American depositary shares.
The company said that sales may be made at market prices prevailing at the time of sale or at negotiated prices, so sale prices may vary.
NIO plans to use the net proceeds to further strengthen its balance sheet and for general corporate purposes.
At the beginning of the month, the company revised its third-quarter guidance lower citing continued uncertainty and volatility of semiconductor supply.
NIO is a China-based premium electric vehicle company that designs, manufactures and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
NIO Price Action: NIO has traded as high as $66.99 and as low as $15.61 over a 52-week period.
The stock was down 4.53% at $38.75 at time of publication.
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