NIO Announces Completion of At-The-Market Offering of American Depositary Shares

NIO
(Source: NIO)

On November 21, Chinese EV maker NIO announced that it has completed its previously announced at-the-market offering of American depositary shares, each representing one Class A ordinary share of the company. Through the move, the company has sold 53,292,401 ADSs and raised gross proceeds of $2 billion, before deducting commissions paid to the distribution agents of approximately $26 million and certain offering expenses.

The company currently plans to use net proceeds from the offering to further strengthen its balance sheet, as well as for general corporate purposes.

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On November 10, NIO released its financial report for the third quarter of 2021, during which time the firm achieved total revenue of 9.81 billion yuan ($1.5 billion), including automobile sales revenue of 8.64 billion yuan and other sales revenue of 1.165 billion yuan. NIO delivered a total of 24,439 vehicles in the third quarter, up 100.2% year-on-year, reaching a quarterly high, including 5,418 ES8s, 11,271 ES6s and 7,750 EC6s.