What's Going On With Nio Stock?

NIO Inc NIO shares are trading lower Wednesday. The company announced a repurchase right notification for its 0% convertible senior notes due 2026.

What To Know: Nio said it's notifying holders of its 0% convertible senior notes due 2026 that each holder has the right to require the company to repurchase all or any portion (multiples of $1,000) of its notes for cash, per its indenture dated Jan. 15, 2021.

Nio will file a tender offer statement with the SEC. The company noted that it's not making a recommendation whether holders should exercise or refrain from exercising their repurchase right. The window for exercising repurchase rights opens Wednesday at 9 a.m. and will not close until Jan. 31. 

Nio shares appear to be pulling back on the news following strength last week. The company launched its new ET9 sedan at its Nio Day event, unveiled its fourth-generation power swap stations and closed a $2.2 billion strategic equity investment from CYVN Investments during the last week of December.

Nio shares also got a lift last week after the People's Bank of China determined that it would increase macroeconomic policy adjustments in an effort to support the economy and promote a recovery in prices. However, Nio stock started 2024 trending lower after the EV maker reported December delivery numbers. 

See Also: Apple Suppliers See Share Price Drop As Barclays Downgrades iPhone Maker

NIO Price Action: Nio shares were down 2.97% at $8.17 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.