Fans of Nio (NYSE:NIO) stock will want to keep an eye on the company as a major catalyst is set for May 20.
The electric vehicle (EV) company has revealed that this is when a secondary listing of its stock will take place. That will have it listing shares on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST).
Nio confirms that it has received its eligibility-to-list letter (ETL) from the SGX-ST. So long as it meets the requirements in that letter, its shares should be approved for trading on the exchange.
It’s worth pointing out that the Singapore divisions of Credit Suisse and Goldman Sachs are acting as joint issue managers for the secondary offering. PrimePartners Corporate Finance is also serving as the financial advisor for the offering.
One thing to note about this is that Nio already lists its shares on the New York Stock Exchange, as well as launching a secondary listing in Hong Kong in March. This makes the Singapore listing the third one for the company.
Nio is among a collection of Chinese companies using secondary listings to reduce damage from a law passed by former President Donald Trump that could see them delisted. The EV maker looks to be taking this a step further with its new listing today, CNBC notes.
NIO stock isn’t seeing any unusual trading today with some 22 million shares changing hands. That’s still well below its daily average trading volume of around 73 million shares.
NIO stock is up 6% as of Wednesday morning.
Investors seeking out more stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.