Li Auto's stock bounces after $750 million in convertible notes prices

Dow Jones2021-04-08

MW Li Auto's stock bounces after $750 million in convertible notes prices

Shares of Li Auto Inc. $(LI)$ bounced 2.3% in premarket trading Thursday, after the China-based elective vehicle maker said the $750 million in convertible note offering has priced, with an initial conversion rate that implies a 27.5% premium. The company said the notes, which will mature on May 1, 2028, will bear interest at a rate of 0.25%, payable semiannually, starting Nov. 1, 2020. The note holders may convert their notes at any time after Nov. 1, 2027 to cash, American depositary shares $(ADS)$ or a combination of both. The initial conversion rate of the notes is 35.2818 ADS per $1,000 principal amount of the notes, which implies a stock price of $28.34, or 27.5% above Wednesday's closing price of $22.23. The stock had tumbled 12.9% on Wednesday after the company announced plans to offer the convertible notes has lost 4.6% and the S&P 500 has gained 6.7%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

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April 08, 2021 06:40 ET (10:40 GMT)

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Huatmoney
2021-04-08
Huatmoney
Wow nice like this
SaebaRyo
2021-04-08
SaebaRyo
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