Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Nio for sale of 75 million shares; 7% decline in shares

Nio for sale of 75 million shares; 7% decline in shares



Nio Inc. said it would sell 75 million U.S. Depositary Shares (ADS) in its Class A fundraising fund. The news of the offer fell shares by 6.9% on Friday.

NIO) intends to use the proceeds of the offer to increase its stake in Nio China by purchasing certain minority stakes. The funds raised will also be invested in global development, research and development in autonomous management technologies and common corporate goals, the electric vehicle manufacturer said. In addition, the company will provide insurers with a 30-day option to purchase an additional 1

1.25 million ADS from Class A “data-reactid =” 13 “> Nio (NIO) intends to use the proceeds of the offer to increase its stake in Nio China by purchasing certain minority stakes. The funds raised will also be invested in global development, research and development in autonomous management technologies and common corporate goals, the electric vehicle manufacturer said. In addition, the company will provide insurers with a 30-day option to purchase an additional $ 11.25 million from Class A ADS

Jeff Chung raised the NIO’s price target to $ 18.10 (down 2.2% potential) from $ 16 and maintained a Hold rating. Chung said that “Nio’s battery as a model of service and increased production provide greater visibility to increase sales.” (See NIO stock analysis of TipRanks). “data-reactid =” 14 “> On August 26, Citigroup analyst Jeff Chung raised the NIO’s price target to $ 18.10 (down 2.2%) from $ 16 and maintained the retention rating. Chung said,” The battery of NIO as a service model and the increase in production provide greater visibility to increase sales. “(See TipRanks’ NIO inventory analysis).

target goalof $ 13.83 suggests a reduction potential of about 25.2%. Shares have risen 360% so far this year. Currently, Street has a cautious outlook on stocks.The Hold analyst’s consensus is based on 3 Hold, 3 Buys and 2 Sells. Shares are up 360% year on year.

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