SHANGHAI, June 17,
2024 /PRNewswire/ -- Xiao-I Corporation ("Xiao-I" or
the "Company") (NASDAQ: AIXI) announced today the closing of its
previously disclosed Senior Convertible Notes Offering (the
"Notes") with an institutional investor (the "Investor") to
purchase an aggregate principal amount of $3,260,869.57 Notes with an 8% Original Issue
Discount, convertible into the Company's ordinary shares
("Conversion Shares") in the form of American Depositary Shares
("Conversion ADSs"), and its concurrently offering of an additional
1,000,002 ADS (the "Pre-Delivery ADSs"), at par, representing
333,334 of its ordinary shares (the "Pre-Delivery Shares"), to the
Investor, for gross proceeds of $2,994,945. Each ADS represents one third of an
ordinary share.
After deducting the placement agent's commission and other
offering expenses payable by the Company, the net proceeds to the
Company were approximately $2,496,945. The Company intends to use the net
proceeds for working capital and general corporate purposes.
FT Global Capital Inc. acted as the exclusive placement agent in
connection with this offering.
The Notes, Conversion ADSs and Pre-Delivery ADSs
were sold through a prospectus supplement
pursuant to the Company's effective shelf registration
statement on Form F-3, as amended (SEC File No. 333-279306) and the
base prospectus therein. Such prospectus supplement and
accompanying prospectus relating to and describing the terms of
this offering were filed with the SEC on June 17, 2024. When available, copies of such
prospectus supplement and accompanying prospectus may be obtained
at the SEC's website www.sec.gov or by contacting FT Global Capital
Inc., 1688 Meridian Avenue Suite 700, Miami Beach, FL 33139 USA.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
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.
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SOURCE Xiao-I Corporation