Xiao-I Corporation IPO Performance Overview
On March 9, 2023, Xiao-I Corporation made its initial public offering (IPO), floating 5.7 million American depository shares (ADSs) at an offering price of $6.80 per ADS, racking up impressive gross proceeds of $38.76 million.
Xiao-I Corporation Financial Revelations
September 25, 2023, marked a significant revelation for Xiao-I as the company disclosed a staggering net loss of $18.8 million for the first half of 2023. The bombshell announcement revealed a remarkable 355% surge in total operating expenses year over year, coupled with a jaw-dropping 708% spike in Research & Development (R&D) expenses. This disclosure triggered a sharp decline in Xiao-I’s ADS price, plummeting by $2.70, or 14.22%, settling at $16.29 per ADS by the day’s end.
Xiao-I Corporation Fiscal Year 2023 Report
On April 30, 2024, Xiao-I unveiled its figures for Fiscal Year 2023, reporting revenues of $59.2 million and a net loss amounting to $27 million. The disclosure included a notable point that R&D expenses surged by 118.3% year on year. The market’s reaction was swift, with Xiao-I’s ADS price taking a hit and dropping by $0.72, equivalent to a 6.15% fall, closing at $10.98 per ADS.
Listing Qualifications Challenge faced by Xiao-I Corporation
Come July 15, 2024, Xiao-I faced another jolt when it was served with a deficiency letter dated July 11, 2024, from the Listing Qualifications Department of NASDAQ. The letter pointed out Xiao-I’s non-compliance with the minimum bid price requirement. This latest setback translated into Xiao-I’s ADS price dipping by $0.13, marking a 2.28% decline, ultimately capping at $5.99 per ADS at the end of trading.
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For shareholders concerned or curious about the claims, or those having information regarding Xiao-I, contact Frank R. Cruz of The Law Offices of Frank R. Cruz in Century City, California. They can be reached at 310-914-5007, via email at info@frankcruzlaw.com, or by visiting www.frankcruzlaw.com. Ensure to include your mailing address, telephone number, and the number of shares purchased when inquiring via email.
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