Shanghai-based electric vehicle (EV) manufacturer Nio recently announced a significant investment from CYVN Holdings, an investment organization primarily owned by the Abu Dhabi government. The investment amount totals $738.5 million and emphasizes smart mobility.
To facilitate this investment, Nio, a publicly traded company on the NYSE, will issue 84,695,543 Class A ordinary shares at a price of $8.72 per share. Furthermore, CYVN has entered into an agreement with a Tencent affiliate, a previous investor in Nio from 2017, to acquire 40,137,614 Class A ordinary shares from the prominent social and gaming company.
Upon the completion of these transactions, the Abu Dhabi-backed firm will hold an approximate 7% stake in Nio. Additionally, CYVN will have the right to appoint one director to Nio’s board of directors, provided it maintains ownership of at least 5% of the EV manufacturer’s shares.
