In a filing Thursday, the Chinese self-driving technology company said it plans to issue 15 million American Depository Shares, with the possibility of issuing 2.25 million more if demand is high, at an expected price range of between $11 and $13 per share. At $13, that would value the company at $4.48 billion, based on 344.9 million shares outstanding immediately following the offering.
Pony once hit a valuation of $8.5 billion following the close of a Series D round in 2022, in which Toyota participated.