China’s electric-vehicle maker Nio Inc (NIO) has announced the completion of the offering of 72 million American depositary shares (ADS) at $5.95 per ADS, raising $428.4 million.The company has also granted the underwriters a 30-day option to purchase up to an additional 10.8 million ADSs.Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and China International Capital Corporation Hong Kong Securities Limited are acting as the joint book-running managers for the ADS offering.NIO plans to use the net proceeds mainly to fund its cash investments in NIO China, as well as other working capital needs.The company “expects NIO China to use the cash investments for research and development of products, services and technology, development of manufacturing facilities and roll-out of its supply chain, operation and development of sales and service network and general business support purpose.”Shares in NIO surged 12% in Monday’s trading, and 2% after-hours following the announcement. This...
(Bloomberg) -- Oil-production limits adopted by a group of major crude suppliers will soon bring prices back to “normal,” according to the energy minister of the United Arab Emirates.When markets were collapsing as the coronavirus pandemic crushed demand in March and early April, the idea that crude could rise again to $40 a barrel was “a dream,” the UAE’s Suhail Al Mazrouei said during a conference call on Monday. That was before the OPEC+ alliance agreed unprecedented cuts in output.Prices could return to “normal” within a year or two as curbs approaching 10 million barrels a day drain excess barrels from the market, Mazrouei said during the call hosted by the Atlantic Council, a Washington-based research institute.“We have seen very good signs of demand picking up,” Mazrouei said. “We have seen numbers of driving vehicles are picking up,” he said, citing demand growth in China, India and Europe.Hinging on LockdownsStill, the...
T-Mobile US Inc. (NASDAQ: TMUS) on Monday suffered a widespread outage across the United States, disrupting connectivity across cellular networks.What Happened According to an outage tracker Downdetector, complaints started pouring in around 12:30 PM ET and continue through press time. T-Mobile President of Technology Neville Ray acknowledged the glitch on Twitter, and said the company engineers "are working to resolve a voice and data issue that has been affecting customers around the country." The world's third-largest telecom operator in April completed its merger with the Softbank Group Corp-owned (OTC: SFTBY) smaller rival Sprint, and the combined company has more than 100 million customers in the country.Social Media Reports On DDoS Unsubstantiated Several users on social media, including Democratic Representative Ted Lieu of California, claimed that there was a massive "DDoS" or "Distributed Denial of Service" attack on the major US networks.> In light of this DDoS attack, your reminder that @realDonaldTrump...
The @FCC is launching an investigation. Neville Ray, president of technology at T-Mobile, said on Twitter Monday that engineers were working to resolve a voice and data issue that has affected customers around the country....
Travis County Commissioners Court is scheduled to discuss terms of the deal on Tuesday, the paper reported, citing people with knowledge of the situation. The paper said it was unclear whether negotiations with Travis County show that Tesla has picked the Austin region as the site for the plant, which would build the company's electric pickup truck and Model Y SUV and employ thousands of people, or if the company is also negotiating with officials in Tulsa, Oklahoma. The company's chief executive, Elon Musk, has tweeted previously about the possibility of bringing a plant to Texas....
Chesapeake Energy Corp is preparing to file for bankruptcy as soon as this week, said three people familiar with the matter, becoming the largest oil and gas producer to unravel after an energy market rout caused by the coronavirus outbreak. The Oklahoma City-based company, co-founded by the late wildcatter Aubrey McClendon, is in the final stages of negotiating a roughly $900 million debtor-in-possession loan to support its operations while under Chapter 11 bankruptcy-court protection, two of the sources said. The company is also in talks with creditors to "roll up" some of its existing debt and make it part of the bankruptcy loan, bringing the total debtor-in-possession financing closer to $2 billion, the sources added....
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing 821 13F filings submitted by hedge funds and prominent investors. These filings show these funds' portfolio positions as of March 31st, 2020. […]...
