08:58 AM EDT, 03/28/2025 (MT Newswires) -- ECARX Holdings ( ECX ) said Friday it has priced an underwritten public offering of 25 million Class A ordinary shares at $1.80 apiece.

The underwriters have a 30-day option to buy up to an additional 3.75 million shares, the company said.

Net proceeds will likely be used for research and development, setting up overseas supply chain networks, and general corporate purposes, ECARX Holdings ( ECX ) added.

The company's shares were down more than 20% in recent Friday premarket activity.