China's Ecarx slides on $45 mln share sale

U.S.-listed shares of Chinese auto tech provider Ecarx Holdings ECX.O down 22.6% premarket to $1.75, a seven-week low, after follow-on priced

Co sells 25 mln shares at $1.80 for total deal size of $45 mln

Offering price represents 20.4% discount to stock's last sale on Thurs

Co plans to use net proceeds for R&D, establishment of overseas supply chain networks, general purposes

With ~345.7 mln shares outstanding, co has ~$781 mln market cap

Deutsche Bank and CICC (China International Capital Corporation) are jt bookruners for the offering

ECX shares fell nearly 7% on Thurs following roughly 16% drop on Weds. YTD, stock up 7%