SHANGHAI, Aug. 5, 2024
/PRNewswire/ -- Xiao-I Corporation ("Xiao-I" or the "Company")
(NASDAQ: AIXI), a leading artificial intelligence company, today
announced that it plans to change the ratio of its American
Depositary Shares (the "ADSs") to its ordinary shares (the "ADS
Ratio"), par value US$0.00005 per
share, from the current ADS Ratio of one ADS to one-third of an
ordinary share to a new ADS Ratio of one ADS to 3 ordinary
shares.
For the Company's ADS holders, the change in the ADS Ratio will
have the same effect as a one-for-nine reverse ADS split. The
Company anticipates that the change in the ADS Ratio will be
effective on or about August 23, 2024
(U.S. Eastern Time) (the "Effective Date").
On the Effective Date, Holders of uncertificated ADSs in The
Depository Trust Company (DTC) will have their ADSs automatically
exchanged and need not take any action. The exchange of every nine
(9) then-held (existing) ADSs for one (1) new ADS will occur
automatically at the Effective Date, with the then-held ADSs being
cancelled and new ADSs being issued by Citibank, N.A., the
depositary bank (the "Depositary"). The Company's ADSs will
continue to be traded on the Nasdaq Stock Market under the symbol
"AIXI."
No fractional new ADSs will be issued in connection with the
change in the ADS Ratio. Instead, fractional entitlements to new
ADSs will be aggregated and sold by the Depositary and the net cash
proceeds from the sale of the fractional ADS entitlements (after
deduction of fees, taxes and expenses) will be distributed to the
applicable ADS holders by the Depositary. The change in the ADS
Ratio will have no impact on the Company's underlying ordinary
shares, and no ordinary shares will be issued or cancelled in
connection with the change in the ADS Ratio.
As a result of the change in the ADS Ratio, the ADS trading
price is expected to increase proportionally, although the Company
can give no assurance that the ADS trading price after the change
in the ADS Ratio will be equal to or greater than 9 times the ADS
trading price before the change.
About Xiao-I Corporation
Xiao-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. For more information, please visit:
www.xiaoi.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's ability to achieve its goals and
strategies, the Company's future business development and plans for
future business development, including its financial conditions and
results of operations, product and service demand and acceptance,
reputation and brand, the impact of competition and pricing,
changes in technology, government regulations, fluctuations in
general economic and business conditions in China, and assumptions underlying or related
to any of the foregoing and other risks contained in reports filed
by the Company with the U.S. Securities and Exchange Commission
("SEC"). For these reasons, among others, investors are cautioned
not to place undue reliance upon any forward-looking statements in
this press release. Additional factors are discussed in the
Company's filings with the SEC, including under the section
entitled "Risk Factors" in its annual report on Form 20-F filed
with the SEC on April 30, 2024, as
well as its current reports on Form 6-K and other filings, all of
which are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
For investor and media inquiries, please contact:
Ms. Berry Xia
Email: ir@xiaoi.com
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SOURCE Xiao-I Corporation