NIO Is Taking Advantage of Recent Strength. Why the Stock Is Down.

NIO stock fell on Wednesday after the company disclosed plans to raise money, benefiting from gains the past few months in the share price. The Chinese electric vehicle maker’s American depositary receipts dropped 8.8%, closing at $5.72, while the gained 0.3% and the fell 0.5%. The company said it plans to sell about 182 million shares of common stock.

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