Share of Nio Inc. NIO, -1.50% shed 1.8% in premarket trading Friday, after the China-based electric vehicle maker disclosed the offering of 1.68 million shares by selling stockholders. In and S-1 filing with the Securities and Exchange Commission late Thursday, Quasar Energy Partners LLC, Philipp Brothers Fertilizer LLC and Little Brothers LLC are selling off their entire stakes in Nio, totaling 1,682,267 shares, representing 0.4% of the shares outstanding and valued at $77.5 million at Thursday’s closing price of $46.07. The company said it will not receive any proceeds from the offering. The stock has lost 5.5% year to date, while shares of U.S.-based EV leader Tesla Inc. TSLA, -0.92% have declined 8.0%, the iShares MSCI China ETF MCHI, -0.01% has slipped 4.3% and the S&P 500 SPX, +0.20% has gained 16.3%.
View Article Origin Here
