Xiao-I Corporation Regains Compliance with Nasdaq Listing Rules

Rhea-AI Summary

Xiao-I (NASDAQ: AIXI), a leading artificial intelligence company, has successfully regained compliance with Nasdaq's minimum bid price requirement. The company received a written notice from Nasdaq on September 9, 2024, confirming its adherence to Listing Rule 5450(a)(1) for continued listing on the Nasdaq Global Market.

Previously, on July 11, 2024, Xiao-I was notified of its failure to maintain a $1.00 minimum closing bid price for its American Depositary Share (ADS) over 30 consecutive business days. The company was given a compliance period to meet this requirement. Xiao-I has now maintained a closing bid price of $1.00 or more for 10 consecutive business days, from August 23 to September 8, 2024, satisfying Nasdaq's conditions. As a result, Nasdaq has closed the matter, confirming Xiao-I's compliance with listing rules.

Positive

• Xiao-I regained compliance with Nasdaq's minimum bid price requirement
• Company's ADS maintained a closing bid price of $1.00 or more for 10 consecutive business days
• Nasdaq confirmed the matter is closed, ensuring continued listing on the Nasdaq Global Market

Negative

• None.

SHANGHAI, Sept. 10, 2024 /PRNewswire/ -- Xiao-I Corporation (NASDAQ: AIXI) ("Xiao-I" or the "Company"), a leading artificial intelligence company, today announced that on September 9, 2024 it received a written notice from The Nasdaq Listing Qualifications Staff of the Nasdaq Stock Market LLC ("Nasdaq") stating that the Company regained compliance with the minimum bid price requirement, as set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on the Nasdaq Global Market.

As previously disclosed, on July 11, 2024, Xiao-I was notified by Nasdaq that its American Depositary Share ("ADS") had failed to meet the $1.00 minimum closing bid price over a consecutive 30-business-day period, as required by Nasdaq Listing Rule 5450(a)(1). The Company was given a compliance period to meet the requirement by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive business days.

As of September9, 2024, Nasdaq has confirmed that Xiao-I's ADS has maintained a closing bid price of $1.00 or more for 10 consecutive business days, from August 23, 2024 to September 8, 2024. Accordingly, Nasdaq has determined that the Company has regained compliance with Nasdaq Listing Rule 5450(a)(1), and the matter is now closed.

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

FAQ

When did Xiao-I (AIXI) regain compliance with Nasdaq listing rules?

Xiao-I regained compliance with Nasdaq listing rules on September 9, 2024, as confirmed by a written notice from Nasdaq.

What was the minimum bid price requirement that Xiao-I (AIXI) had to meet?

Xiao-I had to maintain a closing bid price of at least $1.00 for a minimum of 10 consecutive business days to meet Nasdaq's minimum bid price requirement.

How long did Xiao-I (AIXI) maintain the required closing bid price?

Xiao-I maintained a closing bid price of $1.00 or more for 10 consecutive business days, from August 23, 2024 to September 8, 2024.

When was Xiao-I (AIXI) initially notified of non-compliance with Nasdaq listing rules?

Xiao-I was initially notified of non-compliance with Nasdaq listing rules on July 11, 2024.