Xiao-I Announces Closing of Initial Public Offering
SHANGHAI, China, March 13, 2023 (GLOBE NEWSWIRE) -- 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 [email protected]
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 ffer 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 Corporation
For investor and media inquiries, please contact:
Mr. Jack Wang
Ms. Miranda Tian