Xiao-I Adjusts ADS Ratio to 1:60
Xiao-I plans to change the ratio of its American Depositary Shares, or ADSs, to its ordinary shares, par value 0.005c 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 60 ordinary shares. For the company's ADS holders, the change in the ADS Ratio will have the same effect as a one-for-twenty reverse ADS split. The company anticipates that the change in the ADS Ratio will be effective on or about May 11. The exchange of every 20 then-held ADSs for one 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 company's ADSs will continue to be traded on the Nasdaq Stock Market under the symbol "AIXI." The change in the ADS Ratio will have no impact on the company's underlying ordinary shares. As a result of the change in the ADS Ratio, the ADS trading price is expected to increase proportionally.
