American depositary receipts of Li Auto Inc. $(LI)$ fell more than 4% in the extended session Tuesday after the Chinese electric-car maker said it plans on offering up to $750 million in convertible senior notes due in 2028, subject to market conditions. Li also plans to grant the initial buyers of the notes an option to buy up to an additional $112.5 million in notes. Proceeds will be used to fund research and development of new vehicle models, including battery electric models, other R&D and for working capital and other general corporate purposes, Li said. The ADRs ended the regular trading day up 2.4%.
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