Nio (NYSE:NIO) stock is on the move Monday as the electric vehicle ( ) company responds to capital raise speculation.
According to a press release from Nio, the EV company doesn’t currently have any reportable plans to raise capital. The company released this statement following speculation earlier today that started with Bloomberg.
InvestorPlace reported on this initial speculation, which claimed the company could be seeking to raise $3 billion in capital. The news was especially rough on NIO stock this morning as the company had only recently completed a $1 billion convertible notes offering.
Nio said the following about the capital raise speculation in its news release:
“In light of the unusual market activity in the Company’s American depositary shares today, the Company would like to clarify that the Company currently has no reportable capital raising activity, other than the recent convertible notes offering that was completed on September 25, 2023.”
NIO Stock Movement on Monday
Considering all of the speculation that surrounded NIO stock this morning, it’s no surprise shares are down today. This comes as some 36 million units trade hands. For the record, the company’s daily average trading volume is closer to 62 million shares.
NIO stock is down 1.8% as of Monday morning and down 13% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.