Xiao-I Corporation (“Xiao-I” or the “Company”), a leading cognitive artificial intelligence enterprise in China,announced the pricing of its initial public offering of 5,700,000 American Depositary Shares (“ADSs”), each representing one-third of an ordinary share of the Company, at a public offering price of US$6.8 per ADS. The ADSs are expected to begin trading on the Nasdaq Global Market under the ticker symbol “AIXI” on March 9, 2023. The offering is expected to close on March 13, 2023, subject to customary closing conditions.
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Prime Number Capital LLC is acting as sole global coordinator, lead left underwriter and lead book-running manager for the offering. Guotai Junan Securities (Hong Kong) Limited is acting as joint underwriter for the offering. SBI China Capital Financial Services Limited and AC Sunshine Securities LLC are acting as co-managers. Squire Patton Boggs (US) LLP is acting as counsel to the Company, and Robinson & Cole LLP is acting as counsel to Prime Number Capital LLC. Jingtian & Gongcheng is acting 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$38.76 million (or US$44.57 million if the underwriters exercise their option to purchase additional ADSs in full.)
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A registration statement related to the offering has been filed with the U.S. Securities and Exchange Commission and declared effective 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.
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