Xiao-I to change its ADS ratio on August 23

Xiao-I announces that the previously announced change of the ratio of its American Depositary Shares to its ordinary shares 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 will be effective on August 23. 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. On the Effective Date, Holders of uncertificated ADSs in The Depository Trust Company will have their ADSs automatically exchanged and need not take any action. The exchange of every nine 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.”