Xiao-I Corp Sells $3.26M in Convertible Notes
Ticker: AIXI · Form: 6-K · Filed: Jun 17, 2024 · CIK: 1935172
Sentiment: neutral
Topics: financing, debt-offering, convertible-notes
TL;DR
Xiao-I Corp just sold $3.26M in convertible notes to an institutional investor.
AI Summary
On June 17, 2024, Xiao-I Corporation entered into a securities purchase agreement with an institutional investor to issue and sell $3,260,869.57 in senior convertible notes. This agreement allows the company to raise capital through the sale of these convertible notes.
Why It Matters
This financing activity indicates the company's effort to secure capital, which could be used for operational expansion, research and development, or other strategic initiatives.
Risk Assessment
Risk Level: medium — The issuance of convertible notes can dilute existing shareholder value if converted, and the company's reliance on external financing may indicate financial pressures.
Key Numbers
- $3.26M — Convertible Notes Issued (Represents capital raised by Xiao-I Corp through the sale of senior convertible notes.)
Key Players & Entities
- Xiao-I Corporation (company) — The company entering into the agreement.
- institutional investor (company) — The buyer of the convertible notes.
- $3,260,869.57 (dollar_amount) — The principal amount of senior convertible notes sold.
- June 17, 2024 (date) — The date the securities purchase agreement was entered into.
FAQ
What is the interest rate and maturity date of the senior convertible notes?
The filing does not specify the interest rate or maturity date of the senior convertible notes.
What are the terms for conversion of the notes into common stock?
The filing does not detail the specific conversion terms for the notes.
What is the intended use of the proceeds from the sale of these notes?
The filing does not explicitly state the intended use of the proceeds from the sale of the notes.
Who is the specific institutional investor that purchased the notes?
The filing refers to the buyer only as 'an institutional investor' and does not name the specific entity.
Are there any covenants or restrictions associated with this securities purchase agreement?
The filing does not provide details on any covenants or restrictions within the agreement.
Filing Stats: 1,487 words · 6 min read · ~5 pages · Grade level 15.3 · Accepted 2024-06-17 09:58:50
Key Financial Figures
- $3,260,869.57 — d sell an aggregate principal amount of $3,260,869.57 senior convertible notes (the “No
- $1.00 — o;s ADSs at a conversion price equal to $1.00 per ADS. Each holder of Notes may conve
- $90,000 — the Placement Agent for expenses up to $90,000. A copy of the PAA is attached hereto
Filing Documents
- ea0207793-6k_xiao.htm (6-K) — 28KB
- ea020779301ex4-1_xiao.htm (EX-4.1) — 363KB
- ea020779301ex10-1_xiao.htm (EX-10.1) — 332KB
- ea020779301ex10-2_xiao.htm (EX-10.2) — 115KB
- ea020779301ex99-1_xiao.htm (EX-99.1) — 12KB
- 0001213900-24-053176.txt ( ) — 851KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: June 17, 2024 Xiao-I Corporation By: /s/ Hui Yuan Name: Hui Yuan Title: Chief Executive Officer 4