IT House November 20, according to the U.S. auto website, Weilai announced that it has completed the U.S. Depository Stock (ADS) in the market, each equivalent to the company's class A common stock.
By selling on the market, the company sold 53,292,401 ADS and raised $2 billion in financing, net of about $26 million in commissions paid to distribution agents and some sales fees, Weilai said.
The company also said it now plans to use the net proceeds from the sale on the market to further strengthen its balance sheet and for general corporate use.
IT House learned that according to weilai's previously released third-quarter financial results, Weilai's third-quarter revenue was 9.81 billion yuan, up 116.6% year-on-year.
The results also showed that Uler's cash reserves amounted to 47 billion yuan, continuing to increase investment in research and development and services, 1.19 billion yuan in research and development expenses in the third quarter, 24439 units delivered in the third quarter and 23500-25500 units delivered in the fourth quarter.