Xiao-I Announces Closing of Initial Public Offering
March 13 2023 - 4:00PM
Xiao-I Corporation (Nasdaq: AIXI) (“Xiao-I” or the “Company”), a
leading cognitive artificial intelligence enterprise in China,
today announced the closing of its initial public offering of
5,700,000 American Depositary Shares (the "ADSs") at a price of
US$6.8 per ADS for total proceeds of US$38.76 million. Each ADS
represents one third of an ordinary share of the Company. Xiao-I’s
ADSs are listed on the Nasdaq Global Market under the ticker symbol
“AIXI”.
Prime Number Capital LLC acted as sole global
coordinator, lead left underwriter and lead book-running manager
for the offering. Guotai Junan Securities (Hong Kong) Limited acted
as joint underwriter for the offering. SBI China Capital Financial
Services Limited and AC Sunshine Securities LLC acted as
co-managers. Squire Patton Boggs (US) LLP acted as counsel to the
Company, and Robinson & Cole LLP acted as counsel to Prime
Number Capital LLC. Jingtian & Gongcheng acted as PRC
counsel to the Company.
The Company has granted the underwriters an
option during the 45-day period of the offering to purchase up to
855,000 additional ADSs at the initial public offering price. The
total proceeds from the offering are expected to be approximately
US$44.57 million if the underwriters exercise their option to
purchase additional ADSs in full.
The offering was made only by means of a final
prospectus. Copies of the final prospectus related to the Offering
may be obtained, when available, from Prime Number Capital LLC by
email at info@pncps.com.
A registration statement related to the offering
was filed with the U.S. Securities and Exchange Commission and
declared effective on March 8, 2023. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Xiao-I CorporationXiao-I
Corporation is a leading cognitive intelligence enterprise in China
that offers a diverse range of business solutions and services in
artificial intelligence, covering natural language processing,
voice and image recognition, machine learning and affective
computing. Since its inception in 2001, the Company has developed
an extensive portfolio of cognitive intelligence technologies that
are highly suitable and have been applied to a wide variety of
business cases. Xiao-I powers its cognitive intelligence products
and services with its cutting-edge, proprietary AI technologies to
enable and promote industrial digitization, intelligent upgrading,
and transformation.
Forward-Looking
StatementsCertain statements in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as “approximates,” “assesses,”
“believes,” “hopes,” “expects,” “anticipates,” “estimates,”
“projects,” “intends,” “plans,” “will,” “would,” “should,” “could,”
“may” or similar expressions. The Company undertakes no obligation
to update or revise publicly any forward-looking statements to
reflect subsequent occurring events or circumstances, or changes in
its expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review other
factors that may affect its future results in the Company’s
registration statement and other filings with the SEC.
For investor and media inquiries, please
contact:The Blueshirt GroupMs. Feifei ShenPhone: +86
134-6656-6136Email: feifei@blueshirtgroup.com
Mr. Jack WangPhone: +86 166-0115-0429Email:
jack@blueshirtgroup.com
Ms. Miranda
Tian Phone: +86
135-2551-1189Email: miranda@blueshirtgroup.com
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