NIO stock sinks after $1 billion planned convertible debt offering
September 19, 2023
Up-and-coming Chinese EV maker NIO’s stock is falling after announcing a proposed total of $1 billion in convertible senior notes on Monday.
NIO revealed in an SEC filing it plans to issue two batches of $500 million notes, convertible to American depository shares (ADS) with long-dated maturities in 2029 and 2030.
The EV maker plans to use the funds to “further strengthen its balance sheet as…
