By Denny Jacob
Ecarx Holdings shares declined 23% in premarket trading on its underwritten public offering.
Shares were trading around $1.74 before the bell. The stock was up 15% over the last year as of Thursday's close.
The mobility-tech provider commenced an underwritten public offering of 25 million Class A ordinary shares. The company intends to grant underwriters a 30-day option to purchase up to about an additional 3.8 million ordinary shares.
Ecarx said it plans to use the net proceeds from the offering primarily for research-and-development initiates, to establish supply-chain networks overseas, and for general corporate purposes.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
March 28, 2025 06:53 ET (10:53 GMT)
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