NIO’s Third Largest Shareholder Gives Up Equity in the Company
SEC documents show that as of December 31, 2019, Hillside Capital no longer holds equity in NIO. The firm was once the third largest shareholder of the EV company, holding 7.5% of it’s shares.
Chinese EV-maker also recently announced the completion of a $100 million convertible bond financing round. Similar to another financing round announced on February 6, the investors are two unspecified Asian investment funds, both of which are “non-related parties”, and financial investors. So far, 2020 has seen NIO raise $200 million in convertible bond financing.
SEE ALSO: NIO Announces $100 Million Short-term Debt Financing
The company’s announcement also stated, “Other financing projects are still underway and positive progress has been made. We will disclose the progress of financing projects in accordance with disclosure requirements. At this stage, NIO’s main focus is on bringing business development and efficiency improvements into China financing projects of strategic value.”
NIO hasn’t had the smoothest run since it’s 2019 IPO. The company has gone through layoffs, executive departures and underperforming sales. The COVID-19 epidemic is also expected to have a significant impact on NIO’s business.