Li Auto stock reverses lower after disclosing plan to sell up to $2 billion worth of shares

Dow Jones2022-06-28

MW Li Auto stock reverses lower after disclosing plan to sell up to $2 billion worth of shares

Shares of Li Auto Inc. $(LI)$ took a 3.8% dive in premarket trading Tuesday, after the China-based electric vehicle maker said it filed for the sale of up to $2 billion worth of American depositary shares $(ADS.AU)$ through at at-the-market $(ATM.UK)$ offering program. The amount represents about 4.95% of the company's market capitalization of $40.42 billion as of Monday's closing stock price. The stock was up about 1.7% just prior to the ADS-offering announcement. The company said it plans to use the proceeds from the ATM offering for research and development of EV technologies, the development and manufacture of platforms for new car models and for working capital needs and general corporate purposes. The company said the ADS sales will be made from time to time, at its discretion. The stock has run up 21.9% year to date through Monday, while the iShares MSCI China Pacer Swan SOS Fund of Funds ETF|ETF $(MCHI)$ has lost 10.9% and the S&P 500 has declined 18.2%.

-Tomi Kilgore

$(END)$ Dow Jones Newswires

June 28, 2022 09:11 ET (13:11 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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The amount represents about 4.95% of the company's market capitalization of $40.42 billion as of Monday's closing stock price. The stock was up about 1.7% just prior to the ADS-offering announcement. The company said it plans to use the proceeds from the ATM offering for research and development of EV technologies, the development and manufacture of platforms for new car models and for working capital needs and general corporate purposes. The company said the ADS sales will be made from time to time, at its discretion. The stock has run up 21.9% year to date through Monday, while the <a href=\"https://laohu8.com/S/EEME\">iShares</a> MSCI China <a href=\"https://laohu8.com/S/PSFF\">Pacer Swan SOS Fund of Funds ETF|ETF</a> <a href=\"https://laohu8.com/S/MCHI\">$(MCHI)$</a> has lost 10.9% and the S&amp;P 500  has declined 18.2%. \n</p>\n<p>\n  -Tomi Kilgore \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  June 28, 2022 09:11 ET (13:11 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Li Auto stock reverses lower after disclosing plan to sell up to $2 billion worth of shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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