Xiao-I (NASDAQ: AIXI), a leading AI company, announces a change in its American Depositary Shares (ADS) ratio effective August 23, 2024. The new ratio will be 1 ADS to 3 ordinary shares, equivalent to a 1-for-9 reverse ADS split. This change affects ADS holders but not underlying ordinary shares. Uncertificated ADS holders in The Depository Trust Company will have their ADSs automatically exchanged. Citibank, N.A., the depositary bank, will manage the exchange process. Fractional new ADSs will be sold, with net proceeds distributed to applicable ADS holders. The ADS trading price is expected to increase proportionally, though this is not guaranteed.