NIO Inc. announced that it will offer $2 billion of its American depositary shares through an at-the-market equity offering. An at-the-market offering allows a company to sell shares as needed at the prevailing market price.
The electric vehicle maker said proceeds from the sale will be used to strengthen its balance sheet and for general corporate purposes.
NIO delivered 5,880 vehicles in August, which is +48% higher from the year-ago period.
Earlier this month, NIO shares took a hit following the company’s downward revision of its the third quarter deliveries estimate -- to approximately 22,500 to 23,500 vehicles, compared to prior forecast of 23,000 to 25,000 vehicles.