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Nio shares fell 8 in pre-market trading on Monday after the Chinese electric vehicle maker announced a larger-than-expected secondary offering.
Nio, which competes with automakers such as Tesla and Nikola, announced Monday that it holds 88.5 million U.S. deposit shares for $17 each, grossing about $1.5 billion.
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High school will be offering more than expected. Last week, Nio announced plans to sell 75 million ADS in supply, and the source driven comes amid a global frenzy by electric vehicle corporations: Tesla’s stock has skyrocketed this year.
Nio jumped 360% from the start of the year to the end of Friday.
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Market Insider