https://wccftech.com/nio-is-following-in-the-footsteps-of-tesla-and-xpeng-in-tapping-the-equity-markets-at-the-current-lofty-valuations-to-raise-additional-funds/

NIO (NYSE:NIO), the preeminent Chinese EV player, has become the latest major electric car manufacturer to tap the equity markets in order to raise additional funds at attractive valuations.

As per the press statement released on the 10th of December, NIO is looking to offer 60 million American Depositary Shares (ADSs), where each ADS corresponds to 1 Class A common share. Moreover, the company would grant deal underwriters a 30-day option to purchase up to an additional 9 million ADSs.