Nio, Inc. NIO confirmed Wednesday its secondary itemizing in Singapore is anticipated to occur later this month.
What Happened: Shanghai-headquartered Nio stated it expects its Class A atypical shares to start buying and selling on the principle board of the Singapore Exchange Securities Trading Limited, or SGX-ST, on May 20.
The announcement follows the receipt of the eligibility-to-list, or ETL, letter from SGX-ST on May 5. The itemizing could be by the use of introduction, the identical route the corporate adopted for its secondary itemizing in Hong Kong earlier this yr. This route permits itemizing with none issuance or sale of extra shares.
The proposed itemizing is contingent on fulfilling the circumstances set out within the ETL from the SGX-ST, the corporate stated.
Related Link: Nio Analyst Predicts Over 200% Upside For Stock: ‘EV Maker Has Clear Growth Prospects In 2022’
Why It’s Important: Nio’s announcement comes amid the specter of a possible delisting within the U.S. that has led to a sell-off within the inventory. Since the corporate was recognized within the provisional checklist of non-compliant corporations, the inventory has shed greater than one-fourth of its market capitalization.
The firm clarified that the shares listed on the SGX-ST could be totally fungible with the ADSs listed on the NYSE.
In the premarket session, U.S.-listed ADSs of Nio have been buying and selling 4.32% increased at $14.02, in keeping with Benzinga Pro information.
Photo: Courtesy of Nio
Nio Stock Price Shoots Up Premarket On Singapore Listing News & More Latest News Update
Nio Stock Price Shoots Up Premarket On Singapore Listing News & More Live News
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