NIO Stock Drops 4% After EV Maker Plans to Issue $1 Billion in Convertible Senior Notes
Electric vehicle maker NIO plans to raise $1.0 billion by issuing convertible senior notes to pare debt and boost its balance sheet. The shares dropped 4% in premarket trading Tuesday.The company will raise $500 million each by issuing convertible senior notes that will mature in 2029 and 2030, NIO said Tuesday.Upon conversion, NIO said it would pay or deliver to “such converting holders, as the case may be, cash, the company’s American Depositary Shares, each currently representing one Class A
