PALO ALTO, U.S. -- Chinese electric vehicle maker Nio announced a plan to sell up to $2 billion worth of new equity in the U.S. on Wednesday, leading to the sharpest dip in the price of its New York-listed shares since a fatal crash involving the company's self-driving system was reported in August.
Nio plans to sell new American depositary shares through an at-the-market offering, a prospectus filed with the U.S. Securities and Exchange Commission shows. This means the shares will be sold over time at the prevailing price rather than all at once to institutional investors at a prearranged discount.
