Xiao-I Corp. Announces New Shareholder Agreement with Institutional Investors, Issuing $6.13 Million in Convertible Notes
Xiao-I Corporation, a Cayman Islands exempted company, has announced the entry into two securities purchase agreements with institutional investors to issue and sell convertible promissory notes totaling an aggregate principal amount of $6,128,000. The agreement, dated June 18, 2025, includes an initial principal of $5,610,000 and an original issue discount of $518,000. The notes are convertible into the company's ordinary shares, represented by American Depositary Shares $(ADS.AU)$. Notably, each investor is subject to a Beneficial Ownership Limit, capping ownership at 9.99% for one investor and 4.99% for the other. The transaction did not involve a placement agent, and the agreement details various trigger events and potential defaults.
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