[6-K] WeRide Inc. American Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Datavault AI Inc. (DVLT) filed an 8-K announcing two capital-raising arrangements.

• Equity Distribution Agreement (ATM): On 21-Jul-2025 the company engaged Maxim Group as sales agent to sell up to $50 million of common stock from its effective S-3 shelf (File No. 333-288538). Sales may be made on Nasdaq or other markets at prevailing prices; Maxim earns a 3% cash commission. Either party may terminate the agreement and the company is under no obligation to issue shares.
• Waiver Agreement with March-2025 noteholders: Purchasers waived variable-rate and participation-right restrictions for 60 days. In return the company agreed that, before the earlier of (i) 60 days or (ii) when no notes remain outstanding, it will limit ATM sales to (a) ≤10% of daily volume in regular hours, (b) no sales below $1.10 per share, and (c) ≤$25 million in aggregate. DVLT will also issue 5 million shares to the purchasers upon shareholder approval, file a resale registration statement and seek approval by 30-Sep-2025.

No shares have yet been issued; the 5 million “New Shares” will rely on Section 4(a)(2)/Rule 506 exemptions until registered. Exhibits include the Sales Agreement (1.1), legal opinion (5.1) and Waiver Agreement (10.1).

Positive

• ATM facility up to $50 million provides flexible, low-lead-time access to capital to support growth initiatives.
• Noteholder waiver removes variable-rate transaction restriction for 60 days, enabling use of ATM without triggering default.
• Price and volume limits in waiver reduce immediate market overhang risk for existing shareholders.

Negative

• Potential dilution from up to $50 million ATM issuance and mandatory 5 million new shares to noteholders.
• 3% commission to Maxim raises effective cost of capital versus traditional financing.
• Issuance below $1.10 prohibited, signalling management’s willingness to sell near low price levels, which could cap upside.

Insights

Equity Capital Markets Analyst

TL;DR: $50 M ATM boosts liquidity but heightens dilution risk; waiver eases covenants for 60 days.

The at-the-market facility gives DVLT flexible access to significant equity capital with minimal up-front cost, valuable for an AI start-up that may face volatile funding markets. However, 3% fees plus potentially continuous share issuance can pressure pricing. The waiver temporarily relaxes March-2025 note covenants, signalling noteholder cooperation, yet obliges DVLT to distribute 5 M new shares once approved—~dilutive depending on current float. Tight sale limits (≤10% ADV, ≥$1.10 price floor) mitigate immediate overhang, but the aggregate $25 M cap still equals a sizeable portion of daily liquidity. Overall impact is balanced: liquidity positive, dilution negative.

Corporate Governance Specialist

TL;DR: Waiver shows constructive creditor relations; shareholder vote required for 5 M-share issuance.

Management secured noteholder waivers without cash consideration, reflecting credible engagement. By committing to seek shareholder approval and register resale shares, DVLT addresses governance transparency. Yet, granting 5 M shares free of charge shifts value from existing holders and may face opposition if not paired with clear strategic use of proceeds. Board must articulate how ATM funds will enhance long-term value to justify dilution.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2025

Commission File Number: 001-42213

WeRide Inc.

21st Floor, Tower A, Guangzhou Life Science Innovation Center

No. 51, Luoxuan Road, Guangzhou International Biotech Island

Guangzhou 510005

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. 

Form 20-F x Form 40-F ¨

INCORPORATION BY REFERENCE

This Current Report on Form 6-K (this “Report”) shall be deemed to be incorporated by reference into the registration statement on Form S-8 (File No. 333-286106) of WeRide Inc. (“WeRide”), including any prospectuses forming a part of such registration statement, and to be a part thereof from the date on which this Report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

SAFE HARBOR STATEMENT

This Report (including its exhibit) contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about WeRide’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in WeRide’s filings with the U.S. Securities and Exchange Commission. All information provided in this Report is as of the date of this Report. WeRide does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

EXHIBIT INDEX

Exhibit No.	Description
99.1	WeRide Inc. Investor Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	WeRide Inc.
	By :	/s/ Jennifer Li
	Name:	Jennifer Li
	Title :	Chief Financial Officer

Date: July 22, 2025

FAQ

What is Datavault AI's new ATM program size?

The company can sell up to $50 million of common stock through Maxim Group.

What commission will Maxim Group receive under the DVLT ATM agreement?

Maxim will earn a cash fee of up to 3% of gross proceeds from each share sale.

How does the waiver agreement limit ATM sales by DVLT?

For up to 60 days DVLT may sell (i) ≤10% of daily volume during trading hours, (ii) no shares below $1.10, and (iii) ≤$25 million in total.

When must Datavault AI seek shareholder approval for issuing 5 million shares?

The company agreed to hold a shareholder meeting no later than 30-Sep-2025 to secure approval.

Will the 5 million new shares be registered immediately?

DVLT will file a resale registration statement and aims for SEC effectiveness by 30-Sep-2025; until then shares rely on private-placement exemptions.