NIO Provides Update on Response to Short Seller Report

Tiger Newspress2022-07-11

NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) today announced that following its previous statement in response to the allegations made in a report issued by the short-seller firm Grizzly Research LLC on June 28, 2022, the Company’s board of directors, including the audit committee of the Board, after having reviewed the allegations, at the recommendation of the management of the Company and in order to protect the interests of all shareholders, has decided to form an independent committee, consisting of independent directors Mr. Denny Ting Bun Lee, Mr. Hai Wu, and Ms. Yu Long, to oversee an independent investigation regarding the allegations made in the Short Seller Report. The Independent Committee has retained independent professional advisors to assist with the Independent Investigation, including an international law firm and a well-regarded forensic accounting firm.

The Company will provide updates on the Independent Investigation in due course consistent with the requirements of applicable rules and regulations of the Securities and Exchange Commission, the New York Stock Exchange, The Stock Exchange of Hong Kong Limited (the “SEHK”) and the Singapore Exchange Securities Trading Limited (the “SGX-ST”).

The Company reiterates its continued and unwavering commitment to maintaining high standards of corporate governance and internal control, as well as transparent and timely disclosure in compliance with applicable rules and regulations.

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Comments

  • FGP
    2022-07-12
    FGP
    👍
  • blessed_1
    2022-07-12
    blessed_1
    Ok
  • Moonshot
    2022-07-12
    Moonshot
    Well done, NIO. That's a positive step towards accountability. But the overall economy headwind is not going to be favourable at least in the next 18 months hence, its best to stay at the sideline and not get into action. [serious]  
  • Kujo
    2022-07-12
    Kujo
    Agreed!
  • JCai
    2022-07-12
    JCai
    K
  • Ted1209
    2022-07-11
    Ted1209
    [OK] 
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